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(Reuters) – Chicago Fed president Austan Goolsbee said he is open to the possibility that inflation will begin declining to the 2% target, but if that does not happen interest rates will need to rise.
“Right now, we do not have an employment problem, and we do have an inflation problem,” Goolsbee said. “I’m open to being shown that the inflation problem we have is not a persistent problem, but is coming from a supply shock that is going to go away. But I want to see the evidence that it’s going away. Otherwise, we know what has to happen.”
Reporting by Howard Schneider, Editing by Louise Heavens
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