The economist, a former adviser to President Barack Obama, spoke at an Economic Club of Chicago luncheon Tuesday.
Austan Goolsbee is seen at the University of Chicago's Gleacher Center on Sept. 19, 2016. Goolsbee, recently named president of the Chicago Fed, urged caution Tuesday against raising interest rates too aggressively amid financial uncertainty and two high-profile bank failures.
Addressing the “new big hairy elephant in the room” at an Economic Club of Chicago luncheon, Goolsbee said tightening credit conditions in the wake of last month’s collapses of Silicon Valley Bank and Signature Bank can work in tandem with monetary policy to cool inflation.
Goolsbee said that although inflation remains a problem, the collapse of Silicon Valley Bank and Signature Bank means the Fed may need to adjust monetary policy — slow down the rate hikes — if banks pull back on lending to protect their balance sheets. Projected tighter credit at banks may be the equivalent of raising the Fed funds rate by 25 to 75 basis points, he said.
One of 12 regional Reserve Banks, the Chicago Fed district covers Iowa, Illinois, Indiana, Michigan and Wisconsin.
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