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Chicago Fed President Austan Goolsbee said services inflation has accelerated beyond tariff-related effects and that the Federal Reserve must come to terms with its inflation failure.
Chronology
Fed's Austan Goolsbee says officials must address inflation failure
Chicago Fed President Austan Goolsbee said services inflation has accelerated beyond tariff-related effects and that the Federal Reserve must come to terms with its inflation failure.
Reporting
- Fed's Austan Goolsbee says officials must address inflation failure
- Fed's Goolsbee warns services inflation goes beyond tariff pressure
Chicago Fed President Austan Goolsbee said services inflation has accelerated beyond tariff-related effects and that the Federal Reserve must come to terms with its inflation failure.
Analysis
- Has U.S. Monetary Policy Really Improved? A 150‑Year Perspective
Has U.S. monetary policy actually improved over time? Or was the apparent success of the modern Federal Reserve mostly the result of more favorable economic conditions and better luck? In this post, we summarize our paper, * which develops a framework for comparing monetary policy across different economic environments. Our approach asks how close policy came to the best response given the economic conditions and shocks policymakers faced. Applying this framework to 150 years of U.S. monetary history, we find that meaningful improvements in monetary policy occurred only in the last thirty years. Most of the gains reflect, among other developments, substantially better responses to financial shocks and supply shocks.
Podcasts
- The Macro Implications of the Blue Tsunami
We don't need to tell you that the midterm elections were historic: The Democrats won bigger than even they imagined. But as the dust settles, an open question we are puzzling over is the market's ongoing reaction to this massive political sea change. Democratic control of Congress — and control over a number of formerly red statehouses, like Texas and Iowa — will influence everything from the composition of the FOMC to data center construction. And what we're seeing right now, with stocks like Tesla and SpaceX tumbling, is a direct response to these conditions. To get a better sense of this macro moment, we turn to Odd Lots regular, Employ America's executive director Skanda Amarnath to talk about how the midterms will influence the Fed's battle with inflation, Elon Musk's political instincts, and what a Democratic majority means for the market, tariffs, and AI. See Odd Lots
Prediction markets
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Earlier on MacroDigest
- Fed’s Daly Says More Rate Hikes Likely Needed to Tame Prices
- US inflation too high; essential to get back to 2%: Fed's Williams
- San Francisco Fed President Daly says higher rates 'are likely to be needed' in inflation fight
- Fed's Hammack, Barkin favor gradual rate-hike path to lower inflation
- Daly says Fed rate hike likely, despite 'painful' tech-stock dive
- Fed’s Daly Says More Rate Hikes Likely Needed to Tame Prices
- Fed’s Daly Says More Rate Hikes Likely Needed to Tame Prices
- Daly says Fed rate hike likely, despite 'painful' tech-stock dive
- US inflation too high; essential to get back to 2%: Fed's Williams
- Fed's Hammack, Barkin favor gradual rate-hike path to lower inflation
- Fed's Hammack, Barkin favor gradual rate-hike path to lower inflation
- October 2026 Core-Cast Inflation Preview + Important Update to Fed Views
- White House panel delays hearing on Fed's Lisa Cook to Dec. 14
- White House Delays Hearing on Fed Governor
- San Francisco Fed research flags El Niño as a 2027 US inflation risk while also projecting stronger employment
- San Francisco Fed research flags El Niño as a 2027 inflation risk while also supporting US employment
- El Niño Could Raise US Inflation, Boost Jobs in 2027: Fed Study
- San Francisco Fed finds El Niño raises a meaningful risk of higher US inflation and employment in 2027, complicating the policy outlook
- Tech Selloff Could Ease Pressure on the Fed
- Fed Officials Back More Rate Hikes, Gradual Pace of Tightening