Fed's Goolsbee (2027 voter) says oil prices are pretty serious and all depends on how long it lasts, according to CNN

Says:

• Extended period of rising oil prices could weigh on consumer sentiment and increase the cost of food, as well as manufacturing.
• Timing of the price increases is unfortunate, had hoped inflation would fade.
• Rising gasoline prices could create complications by pushing up inflation expectations.
• Sustained increases in oil costs would represent a tough shock for the economy.
• There has been some underlying solidity in the economy.
• Oil price shock adds another layer of uncertainty.
• This uncertainty is contributing to a low-hire, low-fire environment.