Chicago Fed President Austan Goolsbee on Tariffs, Inflation and AI

WSJ What’s News

The Wall Street Journal

News, Daily News

4 • 4K Ratings

🗓️ 20 July 2025

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week we’re bringing you an episode of our podcast WSJ’s Take On the Week, where co-hosts Gunjan Banerji, lead writer for Live Markets, and Telis Demos, Heard on the Street’s banking and money columnist, cut through the noise and dive into markets, the economy and finance. Last Tuesday, and before the Fed entered its dark period when they don’t speak to media they spoke with Austan Goolsbee, president of the Federal Reserve Bank of Chicago and voting member of the 2025 FOMC Committee, to discuss the economy, inflation, tariffs, escalating trade wars and the Federal Reserve's approach to monetary policy. Goolsbee explains how the economic conditions and the Fed’s dual mandate of stable prices and maximum employment plays into his decision making on cutting interest rates. Plus, he discusses the potential for AI to drive long-term productivity gains but cautions against the risk of an "exuberance bubble" similar to the dot-com era.Further Reading: Latest Tariff Threats Could Delay Rate Cuts, Chicago Fed’s Goolsbee Says Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:32.8	Hey, What's News listeners. It's Sunday, July 20th. I'm Alex Osala for the Wall Street Journal.
0:38.7	This is What's News Sunday. On today's show, we're bringing you an episode of WSJ's Take On the Week,
0:44.5	where we dive into markets, the economy, and finance. Later this week, the Fed will hold its next
0:50.1	meeting to decide on interest rates. Last Tuesday, and before the Fed entered its dark period
0:55.5	when they don't speak to media, co-hosts Gungan Banerjee and Telas Demos spoke with Chicago Fed
1:00.8	chair Austin Gulesby. They talked about the U.S. economy's six-pack of underlying strength,
1:07.1	the impact of tariffs on inflation, what the Fed might decide at its meeting, and baseball.
1:21.8	Tell us, I feel like we've been wondering the whole year when we will start to see tariffs reflected in some of this inflation
1:28.3	data. Well, we said back in April, was it? I think it was April. It was a thousand years ago.
1:34.6	Liberation Day. I think people were saying then that you really wouldn't see any price impacts
1:40.1	from tariffs until the summer or fall. I don't know where you are, audience, but here in New York, it is definitely summer.
1:49.4	And it seems like we are starting to see it in the data a little bit.
	...

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