Federal Reserve's Goolsby: Inflation is the main problem we face right now.
Chicago Federal Reserve President Austan Goolsbee said in an interview on Friday that he agrees with Federal Reserve Chairman Kevin Warsh's remarks at the Jackson Hole Economic Symposium that inflation should be the primary concern for monetary policymakers .
"I agree with the Chairman's analysis that inflation has been above the target level and has at one point gone in the wrong direction. In the past few months, we have seen some more moderate inflation data, but this is clearly not enough to make us feel that we are out of the woods."
Goolsby added, "Inflation has lasted longer than expected." Federal Reserve officials are currently struggling to determine whether the recent rise in inflation is merely temporary or has become more persistent due to an overheated economy.
When asked how many meetings the Federal Open Market Committee (FOMC) holds each year, he said he had no strong preference on the matter.
At the same time, Goolsby stated that he does not believe there is a conflict of policy objectives between the Federal Reserve and the U.S. Treasury.
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