Making President Or Stock Market 'Happy' Isn't Fed's Job, Says Goolsbee, Cautions War-Driven 'Stagflationary Outbreak'

The conflict in Iran could potentially trigger a surge in inflation and a slowdown in the U.S. economy, cautioned Chicago Federal Reserve Bank President Austan Goolsbee. Goolsbee voiced his concerns at the Detroit Economic Club on Tuesday and noted that the war has already led to a spike in oil prices. He expressed concern over a potential “stagflationary outbreak” resulting from high oil prices and the U.S. consume…