Chicago Fed Pres. Goolsbee answers questions:
- We have done great unemployment mandate, but we have not succeeded on the inflation mandate.
- If you hold at this level of restrictiveness for too long, you will have to start thinking about the impact on jobs.
- The policy trade-offs are harder this year.
- The real Federal Funds rate is historically quite high
- We will get inflation to 2% over a reasonable period of time.
- if you start to see rising inflation globally, that suggests it's driven by supply shocks or other things.
- The puzzle on housing inflation is why official data is so different from market rents data.
- Asked about a possible rate hike if needed, Goolsbee says "don't think anything is not on the table"
- It is not productive to speculate on conditions for raising or cutting rates.
