Chicago Federal Reserve Bank President Austan Goolsbee on Friday said that he and colleagues will be parsing what will be "a lot of data" between now and the Fed's meeting in late July to assess if the US central bank needs to push borrowing costs up higher to bring down inflation.

"That's what we are trying to figure out: have we done enough already? Do we still have substantially more to do, a modest amount more to do, and can we get inflation down without a recession?" Goolsbee said in an interview on Fox Business. "I haven't made up my mind."

(Reporting by Ann Saphir)