{
  "id": 8981966,
  "title": "Fed official says inflation fight will likely be ‘painful’",
  "url": "https://urgent.news/2026/09/21/fed-official-says-inflation-fight-will-likely-be-painful",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-21T18:33:07.000Z",
  "source": {
    "name": "Fast Company",
    "slug": "fast-company",
    "url": "https://www.fastcompany.com/91610595/inflation-goolsbee-federal-reserve-rates"
  },
  "original_language": "en",
  "account": "A senior Federal Reserve official has warned that the central bank may have to inflict economic hardship, potentially through higher unemployment, to tackle persistent inflation. Austan Goolsbee, president of the Federal Reserve Bank of Chicago, made the remarks during a speech in London, highlighting the central bank's ongoing struggle with supply shocks that have driven up prices. While traditionally, the Fed would wait for such shocks to subside and for inflation to decrease naturally, Goolsbee stated that the current situation requires immediate action. He emphasized that raising interest rates is necessary to curb demand and restore inflation to the Fed's 2% target. Goolsbee acknowledged that short-term sacrifices, such as a dip in employment, may be inevitable. This stance contrasts with comments made by Fed Chairman Kevin Warsh, who asserted last week that the Fed should not inflict harm on labor markets to meet its objectives. The Fed's primary tool for combating inflation is raising interest rates, which has historically led to slower growth and, in some cases, recessions. However, in 2022-2023, the Fed's aggressive rate hikes managed to reduce inflation without causing significant increases in unemployment or a steep economic slowdown.",
  "summary": "A top Federal Reserve official said Monday that the central bank may have to cause economic pain in the form of higher unemployment to combat stubbornly high inflation . Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said in a speech in London that the Fed is facing a series of persistent supply shocks that have driven up inflation, including higher oil prices from the Iran…",
  "key_points": [
    "Fed official warns economic hardship may be needed to fight inflation",
    "Austan Goolsbee cites supply shocks driving up prices",
    "Higher interest rates required to curb demand and restore 2% inflation target"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "PBS NewsHour",
        "title": "Fighting inflation likely to be 'painful,' Chicago Fed president says",
        "url": "https://urgent.news/2026/09/21/fighting-inflation-likely-to-be-painful-chicago-fed-president-says",
        "published": "2026-09-21T17:36:10.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}