Fed's Goolsbee: current tariff policy far exceeds expectations

Fed's Goolsbee: level of long-run inflation expectations is important. Keep inflation expectations stable for the Fed is crucial. Current inflation expectations are more chaotic, but the long-term is still relatively stable. Political interference in the work of the Federal Reserve leads to problems. Current tariff policy is far more aggressive than expected. Changing tariffs add to uncertainty. With the current uncertainty, this is a time to focus on the data. Even now, the U.S. still has a large manufacturing sector with complex supply chains. Productivity may be rising related to AI efforts.