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Chicago Fed's Goolsbee Says Services Inflation Is Rising Again, Calls for Admitting Failure on Inflation
JH Kim
Summary
- Austan Goolsbee, president of the Chicago Fed, said services-sector prices are gaining momentum again and that policymakers need to admit they failed to respond to inflation.
- He said services-sector inflation has started rising again and that inflation was the biggest problem.
- Goolsbee said the investment boom in the data-center sector looks similar to a traditional economic overheating cycle, while employment and economic growth remain fairly stable.
Forecast Trend Report by Period
Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said services inflation is beginning to pick up again and that policymakers need to acknowledge they failed to contain inflation.
Walter Bloomberg reported on November 9 that Goolsbee said services-sector inflation had started rising again and that inflation was the biggest problem.
He added that policymakers must face the fact that they failed to respond to inflation. On heavy investment in the data-center sector, he said it looked similar to a traditional overheating cycle.
He said employment and economic growth remained fairly stable.
JH Kim
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