Austan Goolsbee, Interview: Face the Nation (Transcript)

“Well, you know, as a voting member of the FOMC, I tried not to make it a point not to prejudge and make decisions when you’re still weeks out from the meeting. And we are going to get a lot of important data between now. I think the part that makes this job difficult is you got two simple goals, but the actions that the Fed takes take months, or even years to work their way through the system. So the Fed has raised the interest rate by five full percentage points over the last year. That’s the fastest increase in decades, rivaling ever. And some part of that still has to work its way through the system.”