Chicago Fed President Goolsbee Says Fed Failed in Inflation Management, Above 2% Target for Over Five Years

According to Yonhapinfomax, Chicago Federal Reserve President Austan Goolsbee said on November 9 that the Fed must respond to its failure in managing inflation. Speaking at an event in Chicago, Goolsbee stated the central bank "must acknowledge we have failed on the cost side and inflation side of our dual mandate." U.S. inflation has remained above the Fed's 2% annual target for over five years. Goolsbee also noted that service price increases unrelated to energy or tariffs are driving up overall costs, and added that AI data center demand increasingly resembles traditional demand overheating, requiring central banks to respond "aggressively."
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