Inflation's Uncomfortable Truths: When Pain is the Only Option Austan Goolsbee, president of the Federal Reserve Bank of Chicago, recently stated in London that fighting inflation will be "painful.
" This assertion sheds light on a delicate reality facing policymakers: often, taming price growth requires sacrificing something precious – jobs.
Goolsbee attributed high inflation to persistent supply shocks caused by tariffs and rising oil prices stemming from the Iran war.