Chicago Fed President: The oil price shock is unfortunate and will significantly raise inflation expectations

ME News, April 3 (UTC+8): FOMC voting member and Chicago Fed President Goolsbee said on Thursday local time that the economy is being hit by oil price shocks. He noted that just as inflation caused by last year’s tariff shocks has not yet subsided, the oil price shock has once again pushed prices higher—an “untimely timing” that concerns him. Goolsbee said, “When gasoline prices rise sharply in the short term, people’s expectations for inflation over the next 12 months will begin to rise significantly, which could put us in a more difficult situation.” Since the outbreak of the Iran war, oil prices have surged sharply, which has also increased corporate uncertainty and slowed the pace of hiring. (Jin10) (Source: ODAILY)