Fed's Goolsbee (2027 voter) says nothing in Federal Reserve act says make the stock market happy or make the President happy; if actively talking about taking away independence of the Fed, that is a bad idea and inflation would come roaring back
Importance
Level 1
- Oil prices rising is a stagflationary shock.
- Now in an uncomfortable situation, and no obvious cookbook for Fed.
- His immediate concern is stagflationary shock of oil prices before the tariff-price shock has gone away.
- Job market stable, but not great.
- Cautious and nervous about economy.
- Longer you go with high inflation, the more it gets ingrained into the economy.
- Hopefully impact from oil will prove temporary.
- USD 5/gallon gas will affect supply chain.
- Anxiety about inflation coming back.
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