"As long as we are making progress on inflation, the topic is then only how long we keep rates at this level," Federal Reserve Bank of Chicago President Austan Goolsbee told CNBC on Tuesday.

Key quotes

"You have to look through two week movements of long-term yield rates."

"If long rates are sustained at high levels, that is most likely tightening."

"We are all paying attention to figure out what is driving long-term yield rates."

"If coming from term premia we have to take that into account."

"You cannot answer what number on long term yield equals enough tightening."

"We are also getting positive supply side developments in the economy."

"The economy is weakening."

"The job market is getting into better balance."

"Inflation has come down a lot."

"We might equal the fastest drop in inflation in the last century."

"Inflation is a more important part of the mandate right now."

"I don't like pre-committing what rates will be at the next meeting."

"Still a lot of data to parse before then."

"My conditions for Fed being done with rates are that we are clearly back on the path to get inflation back to 2."

"So far we are on a good path on inflation, but not done yet."

"Priority for changing rate stance is inflation rate."

"Financial conditions clearly matter but the market doesn't get to tell the Fed what to do."

"There is possibility of the golden path that allows us to get inflation down without recession."

"That would be a continuation of what we've seen so far."