
Austan D. Goolsbee, President of the Federal Reserve Bank of Chicago, warned that even though tariffs are reduced, Fed members are still wary about the economy's future.
“It is definitely less impactful stagflationarily than the path they were on,” said Goolsbee, “yet it’s three to five times higher than what it was before, so it is going to have a stagflationary impulse on the economy. It’s going to make growth slower and make prices rise.