Goolsbee Dubs Inflation Biggest Economic Concern

Federal Reserve Bank of Chicago President Austan Goolsbee is concerned about inflation, calling it 'the biggest problem facing our economy right now.' He made this statement in a video published by Wired on August 11, which was recorded on June 22.

Goolsbee said that despite indicators showing a stable labor market, the prices have been rising too fast. The Fed left the policy rate unchanged in the 3.50%-3.75% range last month, with three of its policymakers dissenting in favor of a rate hike instead.

Goolsbee does not have a vote this year on policy and has not said if he supported holding rates steady in the face of inflation that has run above the Fed's 2% target for more than five years but is expected to resume falling.