Federal Reserve Bank of Chicago President Austan Goolsbee said he'd be concerned if the dockworkers strike that started this morning were to drag on, as it might impact supply chains. "Anything that's a negative supply shock, in our language—that's going to raise the cost of doing business and lead to shortages—is something that we're just going to have to deal with, and the impacts are never good," Goolsbee said Monday in an interview on Fox Business.

U.S. dockworkers at ports on the East and Gulf coasts—which have the combined capacity to handle as much as half of all U.S. trade volumes—went on strike this morning amid stalled talks with the group representing ocean carriers and port terminal operators. The strike could disrupt the movement of goods and impact prices and the broader economy, similar to supply-chain disruptions during the pandemic.