Austan Goolsbee, Interview: PBS News Hour

Inflation

“Inflation has not been going as well. That’s been, let’s call it the weakest part of the economy. And I think we have to just keep getting more price information across these categories before we can say with comfort we are on a path back to normal.”

Recession

“When you’re in a rate-rising environment like this, and you have had bank stresses like the ones we have seen with Silicon Valley Bank and others, and you add on top of it wild cards like fights about the debt ceiling and stuff like that. You cannot rule out that recession is a possibility.”

Fed Funds

“In this last meeting, I felt that, if you looked at the conditions, you had yet to see that the credit tightening had — the credit crunch was not on the minds of people yet. And so the — two meetings ago, we had outlined a plan, taking somewhat into account that credit was going to be tightening, and it made sense to stay on that plan. I think now you’re starting to get more information that the credit squeeze is beginning. And so we — let’s be on alert and be prudent and patient in our decisions.”