Goolsbee: ‘We Might Equal the Fastest Drop in Inflation in the Last Century’

KERNEN But I don ░░░░░░░░ think you ll admit ░░░░░░░░ premise so then I ░░░░░░░░ t give you kudos ░░░░░░░░ being right No Would ░░░░░░░░ admit that maybe you ░░░░░░░░ more reluctant to be ░░░░░░░░ tight at the last ░░░░░░░░ meetings more than some ░░░░░░░░ your colleagues and maybe ░░░░░░░░ warning of the possible ░░░░░░░░ effects that are impossible ░░░░░░░░ calculate See what I ░░░░░░░░ trying to say is ░░░░░░░░ were rightly dovish and ░░░░░░░░ think the market has ░░░░░░░░ into your what you ░░░░░░░░ was going to happen ░░░░░░░░ think is happening right ░░░░░░░░ I don t think ░░░░░░░░ re going to need ░░░░░░░░ hike I m not ░░░░░░░░ we needed the last ░░░░░░░░ So you re not ░░░░░░░░ to admit any dissent ░░░░░░░░ your colleagues but I ░░░░░░░░ weren t you somewhat ░░░░░░░░ to vote with the ░░░░░░░░ a couple of times ░░░░░░░░ at least once GOOLSBEE ░░░░░░░░ ve got a lot ░░░░░░░░ questions in there Joe ░░░░░░░░ you know the rules ░░░░░░░░ I don t speak ░░░░░░░░ anyone else on the ░░░░░░░░ but myself I ve ░░░░░░░░ saying for months that ░░░░░░░░ thing that we want ░░░░░░░░ be paying attention to ░░░░░░░░ you look at the ░░░░░░░░ by law we want ░░░░░░░░ stabilize prices and maximize ░░░░░░░░ I ve been saying ░░░░░░░░ months be careful looking ░░░░░░░░ the traditional side of ░░░░░░░░ growth is high if ░░░░░░░░ job market is strong ░░░░░░░░ we re creating a ░░░░░░░░ of jobs that that ░░░░░░░░ demand overheating because I ░░░░░░░░ thought these supply shocks ░░░░░░░░ working their way through ░░░░░░░░ the overwhelming thing we ░░░░░░░░ to do is pay ░░░░░░░░ to inflation and get ░░░░░░░░ inflation down The employment ░░░░░░░░ of the mandate s ░░░░░░░░ well It s been ░░░░░░░░ inflation has been the ░░░░░░░░ And I just want ░░░░░░░░ emphasize inflation has come ░░░░░░░░ a lot If you ░░░░░░░░ over the last 100 ░░░░░░░░ in years that are ░░░░░░░░ demobilizations for World War ░░░░░░░░ and stuff like that ░░░░░░░░ the last hundred years ░░░░░░░░ fastest drop in the ░░░░░░░░ rate in any year ░░░░░░░░ 1982 of course at ░░░░░░░░ peak of the Volcker ░░░░░░░░ And depending which measure ░░░░░░░░ inflation you want to ░░░░░░░░ it was a little ░░░░░░░░ 4 drop in a ░░░░░░░░ year We ll see ░░░░░░░░ happens over the next ░░░░░░░░ of months We might ░░░░░░░░ the fastest drop in ░░░░░░░░ in the last century ░░░░░░░░ we re making progress ░░░░░░░░ the inflation rate And ░░░░░░░░ long as we re ░░░░░░░░ progress as I have ░░░░░░░░ saying for a while ░░░░░░░░ moment of arguing how ░░░░░░░░ should the rate go ░░░░░░░░ going to fade to ░░░░░░░░ long should we keep ░░░░░░░░ at this level as ░░░░░░░░ is coming down we ░░░░░░░░ being more restrictive KERNEN ░░░░░░░░ it s transitory all ░░░░░░░░ QUICK Everything is transitory ░░░░░░░░ along including our lives ░░░░░░░░ Yeah. Life is transitory.”