Chicago Fed President: The oil price shock is unfortunate and will significantly raise inflation expectations

ME News Report, April 3 (UTC+8), FOMC voting member and Chicago Fed President Goolsbee stated on Thursday local time that the economy is suffering from an oil price shock, and just as inflation from last year’s tariff impacts has not yet subsided, the oil price shock has pushed prices higher again. This “untimely timing” concerns him. Goolsbee said, “When gasoline prices rise sharply in the short term, people’s expectations for inflation over the next 12 months will begin to rise significantly, which could put us in a more difficult situation.” Since the outbreak of the Iran war, oil prices have surged sharply, further increasing corporate uncertainty and slowing hiring. (Jin10) (Source: ODAILY)