According to Odaily, Chicago Federal Reserve President Austen Goolsbee said on Wednesday that the impact of the Iran war appears increasingly like an inflation shock to the economy. While current effects on employment and economic growth remain unclear, concerns about supply chain disruptions and persistent price increases are intensifying. “This is not yet a stagflation shock,” Goolsbee said at the Milken Institute conference in Los Angeles, referring to shocks that simultaneously hit job markets while pushing up inflation. “It is purely an inflation shock. The longer this persists, the more concerned I become.”
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