Chicago Fed Pres. Goolsbee: We had new substantial progress over long-term on inflation ...Middle East

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Chicago Fed Pres. Goolsbee: We had new substantial progress over long-term on inflation
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Chicago Fed Pres. Goolsbee is speaking and says:We've had very substantial progress over a long-term basis on inflationEven with January PCE data showing a month of rebound, should be careful to extrapolateThere is element of truth that disinflation of 2023 was supply chain repairShould be careful with the argument that supply change is now fixed.Should not expect more benefit in 2024Impact on supply shock on inflation takes time.Suggests benefits of supply chain disinflation are still to come.Lags on supply shock from labor on inflation are probably long.As of labor supply shocks probably have a longer lasting effect on inflation then supply chain shocksGoolsbee is a voting member and is mo

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