{
  "id": 8996211,
  "title": "Fighting inflation likely to be ‘painful,’ U.S. Fed official says",
  "url": "https://urgent.news/2026/09/21/fighting-inflation-likely-to-be-painful-u-s-fed-official-says",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-21T19:46:37.000Z",
  "source": {
    "name": "Global News",
    "slug": "global-news",
    "url": "https://globalnews.ca/news/12067493/fighting-inflation-painful-us-fed/"
  },
  "original_language": "en",
  "account": "Federal Reserve official Austan Goolsbee warned on Monday that battling persistent high inflation may cause significant economic hardship, potentially leading to higher unemployment rates. The central bank, currently grappling with a series of ongoing supply shocks such as oil price hikes from the Iran conflict and trade tariffs, is compelled to raise borrowing costs to restore inflation to its 2% target, Goolsbee explained in a speech delivered in London. The only viable option to bring inflation under control, as per Goolsbee, is by increasing interest rates and narrowing the gap between supply and demand – a measure that will inevitably result in employment levels falling below expectations. This painful trade-off between achieving low inflation and maintaining maximum employment levels is a reality that the Fed must confront, Goolsbee emphasized in a subsequent interview with reporters.",
  "summary": "The Fed generally fights inflation by raising interest rates to cool borrowing and spending. Historically, such rate hikes have often slowed growth and have even led to recessions.",
  "key_points": [
    "Inflation fight may cause economic hardship",
    "Fed aims to raise interest rates to control inflation",
    "Higher unemployment expected as trade-off"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Financial Times",
        "title": "Fed will need to be ‘aggressive’ on inflation, says top official",
        "url": "https://urgent.news/2026/09/21/fed-will-need-to-be-aggressive-on-inflation-says-top-official",
        "published": "2026-09-21T15:10:13.000Z"
      },
      {
        "outlet": "The Hill",
        "title": "Fed official warns inflation is still too high",
        "url": "https://urgent.news/2026/09/21/fed-official-warns-inflation-is-still-too-high",
        "published": "2026-09-21T21:02:20.000Z"
      }
    ]
  },
  "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."
}