What does a doughnut tell us about the state of the economy? Chicago Federal Reserve President Austan Goolsbee might have thought about that as he toured Mel-O-Cream Donuts in Springfield, Illinois, a factory facing tariffs on common ingredients like palm oil.

The visit matters because because Goolsbee is one of the people on the Fed's committee who will determine whether to cut interest rates on Sept. 17. The perspectives of businesses like Mel-O-Cream are instrumental in helping him determine his next vote.

Goolsbee told NBC News' "Here's the Scoop" podcast he wasn't yet ready to make a decision. "Let's get a few months of data before we make any conclusions. The hardest thing that the Fed ever has to do is get the timing right at moments of transition," he said.