Federal Reserve official: Government shutdown causes lack of data, which is "a problem" for the Fed.

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Chicago Fed President Goolsbee stated that the lack of official economic data during a U.S. government shutdown will make it more difficult for central bank decision-makers to interpret the economic situation, which is “a problem” for the Federal Reserve.

In an interview with American Public Media on Wednesday, Goolsbee warned that a government shutdown would cause the Fed to lose access to important economic indicators at a critical time. He is particularly concerned about the absence of inflation data, noting that while there are many non-government sources for labor market data, this is not the case for inflation statistics. He said:

“If we don’t have these data, we’re in trouble.”

The U.S. government shut down on Wednesday, and the government agencies responsible for collecting and releasing economic data will cease related work. The first important data that may be affected is the U.S. Bureau of Labor Statistics jobs report scheduled for release on October 3. The monthly Consumer Price Index report by the U.S. Bureau of Labor Statistics, originally set for October 15, may also be impacted; this is a key report on inflation. Census Bureau reports on retail sales and new housing construction also face the risk of being delayed.

Goolsbee reiterated his concerns about the recent rebound in services inflation, saying this may mean that in the part of the economy least affected by tariffs, price pressures remain persistent. The Fed’s next policy meeting is scheduled for October 28–29. At this critical moment, policymakers will face the challenge of assessing the economic outlook with incomplete data.

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