Gate News update. On April 3, FOMC voting member and Chicago Fed President Goolsbee said on Thursday local time that the economy is being hit by oil prices, and that oil-price shocks are pushing prices higher again while inflation from last year’s tariff shock has not yet faded. He said this “untimely timing” worries him. Goolsbee said: “When gasoline prices rise sharply in the short term, people’s expectations for the inflation path over the next 12 months start to rise significantly, which could put us in a more difficult position.” Since the outbreak of the Iran war, oil prices have surged, further increasing uncertainty for businesses and slowing hiring.
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