Austin Goolsbee, president of the Federal Reserve Bank in Chicago, expressed hope on Sunday that the states would not fall along the path of the US to renewed inflation. Goolsbee acknowledged that Americans could face rising prices of goods and services in the near future, but he clarified that this might be a temporary phenomenon.
"We see that prices are rising, and we expect that this will continue, possibly for some time," noted Goolsbee. "But we do not see persistent long-term inflation. The task of the Federal Reserve System is to prevent the emergence of prolonged inflation."
Goolsbee also pointed out that the elevated unemployment rate among African American populations and warned that it could lead to long-term problems. At the same time, he expressed confidence that the economy of the states would recover and stabilize as a result of adopted measures.
