Austan Goolsbee

Federal Reserve Bank of Chicago President Austan Goolsbee said persistent, outsize tariffs could renew supply-chain disruptions and drive up inflation.

Goolsbee, in prepared remarks he’s scheduled to deliver at a Chicago Fed auto conference in Detroit, warned against assuming tariffs won’t become inflationary. He laid out several lessons from the pandemic, among them that supply-side disruptions, including to supply chains, were the most important drivers of inflation and led to an overheating in the economy during and after the Covid-19 shock.

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