Federal Reserve Bank of Chicago President Austan Goolsbee has warned that all options over interest-rate policy are on the table at the central bank. This follows a shift among Fed policymakers away from consideration of a rate reduction in the near future due to concerns over inflation due to an energy-price shock triggered by the Iran War. Goolsbees, who doesn't vote on monetary policy this year, believes both rate cuts and a rate hike are possible options. The Consumer Price Index for March showed an inflation rate of 3.3%, well above the Fed's 2% goal. Bond traders are increasing bets that the Fed could raise interest rates before cutting them due to inflation risks and geopolitical tensions. Despite rising energy costs, the unemployment rate remained steady in April.