Chicago Fed Pres. Goolsbee is speaking and says: • We've had very substantial progress over a long-term basis on inflation • Even with January PCE data showing a month of rebound, should be careful to extrapolate • There is element of truth that disinflation of 2023 was supply chain repair • Should be careful with the argument that supply change is now fixed. • Should not expect more benefit in 2024 • Impact on supply shock on inflation takes time. • Suggests benefits of supply chain disinflation are still to come. • Lags on supply shock from labor on inflation are probably long. • As of labor supply shocks probably ... (full story)