The U.S. Federal Reserve needs to see progress on inflation coming down to be realistic on cutting interest rates this year, but near-term prospects are not good because of higher energy prices arising from the war in Iran, Federal Reserve Bank of Chicago President Austan Goolsbee said on Tuesday. "There's an unfortunate aspect of this shock to energy prices that we're likely to see an impact driving up inflation at a time when we still haven't quite cleared the previous shock that was driving up inflation," Goolsbee told PBS News Hour.