Fed's Goolsbee (2027 voter) says he is open to new ways of thinking about inflation

Overhauling the Fed's inflation framework is 'not an easy space'.
Kevin warsh has some fresh ideas worth thinking about.
Fed should incorporate all the data it can, but he doesn't think there is a silver bullet for the inflation problem.
He would be on the lookout for 'underheating' demand if low consumer confidence translates into falling consumer spending.
US might be approaching an era of labour scarcity due to a combination of population aging and limited immigration.
The longer oil prices remain high, the greater the chance people start factoring higher inflation into expectations, which would be 'extremely problematic' for the Fed.
Labor market is stable but not great; gains in payrolls are not good measure of slack at this point.
Fed needs to watch for behaviours today that seem premised on a 'bounty' to come, such as spending out of wealth effects or overheating local markets based on data-center investment-.
Labor market seems pretty stable while inflation has been over Fed's target for five years and progress on that front has stopped.
US productivity gains have proved somewhat durable, but implication for interest rates is more subtle.
Anything that indicated the US is going the wrong way on inflation on a persistent basis would require a rethink about the right monetary policy path.
Every policy option is always on the table, and the world should know that.
Not surprised to see evidence of supply chain problems developing given length of U.S.-Iran conflict.
Evidence of more persistent inflation might come from sustained price increases in core services, wealth-driven spending among more affluent households, and wage hikes in occupations tied to artificial Intelligence investment
It is clear from public statements that there are different world views at the Fed about path of inflation, nature of job market