The last time Austan Goolsbee voted in an FOMC meeting, he was one of two policymakers opposed to cutting interest rates. Six months later, he doesn’t regret that dissent. In this episode, Kai catches up with the Chicago Fed president to discuss the central bank’s communication style, persistent inflation concerns, and former Fed Chair Alan Greenspan’s legacy. Plus: Beef prices are likely to keep climbing this year, it could take months to rebuild depleted oil reserves, and economists make a case that AI could drive more inflation. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future. Read the stories from today’s episode: Chicago Fed President: Inflation is &quot;well above the target and has been going the wrong way&quot; As the oil crisis eases, the global scramble to replenish reserves begins Why beef prices keep climbing Many economists believe that AI will lead to more inflation. Why? How We Survive: A Carbon Burial at Sea

Inflation is moving the wrong way

Marketplace

# Full Transcript

**Podcast:** Marketplace

## Transcript

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[SPEAKER_A] Tell you what, we've got just what you need on a Monday. Yep, a little macroeconomic analysis from American public media. This is Marketplace. In Los Angeles, I'm Kai Ryssdal. It is Monday today, June 22nd. Good as it always is to have you along, everybody. There is a lot going on out there right now. Politics, of course, and always. Foreign affairs and national security, definitely. But as we say around these parts, do not sleep on the economy. So we won't. Austan Goolsbee is the president of the Federal Reserve Bank of Chicago. Austan, welcome back to the program. Always good to have you on.

[SPEAKER_B] Kai, thank you for having me back.

[SPEAKER_A] Let's start where we left off last time, which was October-ish of last year. Your general through line was that inflation was your big concern. The labor market, maybe not so much. I guess I wonder if your thinking has changed at all.

[SPEAKER_B] Hasn't changed that much. I ended up, as you know, dissenting at the last meeting of the year on those same grounds that I wanted to get some more information to make me feel better about inflation before front-loading too many rate cuts. I don't regret that dissent. I think we've continued to have a pretty stable labor market. And we've continued to be dealing with, and it's not a surprise to anybody, you look at the window of your car or go to the grocery store. We've been dealing with an inflation problem that's well above the target and has been going the wrong way.

[SPEAKER_A] So let's talk about it going the wrong way. You know, to sort of paraphrase what happened at Chairman Warsh's press conference, you kno...

Inflation is moving the wrong way

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Inflation is moving the wrong way

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.