The U.S. economy is better than it looks — but it might be due for a slowdown
Consumer spending soared in the second quarter. A repeat is unlikely.
The economy is performing well, but prices remain elevated, while the job market presents conflicting signals. The Federal Reserve is grappling with these challenges, especially as the most intense political pressure in its history weighs on it. Prior to the highly anticipated meeting in Jackson Hole, Austan Goolsbee, the Chicago Fed's president, offers a candid assessment of the situation.
He explains why the current inflation environment, marked by tariffs, the Middle East conflict, and six years beyond the 2% inflation target, is the most perilous he has encountered. He also discusses the impact of Kevin Warsh's leadership on the Federal Reserve's operations and why he considers himself a "grim optimist" regarding artificial intelligence, despite the hype often outpacing actual outcomes.
Written by urgent.news from Fast Company's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
