Today's Business Headlines: 08/19/24
Chicago Federal Reserve President Austan Goolsbee said he was skeptical of Vice President Kamala Harris ’ proposal last week for
Goolsbee, who previously served as the chair of economic advisors during his “good friend” Barack Obama’s administration, said wages tend to move slower than prices — so a shock will send prices up first, then wages, before both fall back down. “A tariff is a tax on a foreign country. … It’s a tax on a country that’s ripping us off and stealing our jobs, and it’s a tax that doesn’t affect our country,” Trump said during a Pennsylvania rally on Saturday. Voters have said the economy is one of the most important issues ahead of the 2024 elections, as long-lasting inflation keeps grocery store prices high.“Tariffs raise prices,” Goolsbee said. “A one-time increase in cost will raise prices but is not an extended inflationary thing.”.
Meanwhile, investors are hoping the Fed will issue highly anticipated interest rate cuts in September.Goolsbee is not a voting member of the Federal Open Market Committee, which has the power to cut rates. But he said rate cuts are still a possibility.
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