Austan Goolsbee

Yes.

I mean, as with any supply-side shock,

it can lead you in a stagflationary direction, which is to say the inflation side of the mandate getting worse at the same time the employment side of the mandate is getting worse.

And that's always the worst case scenario for the central bank, because there's not an obvious monetary policy answer to a stagflationary shock.

oil prices going up we need to think about is this a transitory thing that's going to be temporary is this going to be long-lived how much how big will it be how long will it last and how is it affecting the supply chain before we can really say anything about it

You know that I don't like it.

You assume that I assume.

I don't know.

What would a data doctor do?

You know I don't like tying our hands ahead of the meetings.

I want to hear what my colleagues have to say.

I want to get as much information as possible, especially at moments like this where we're getting conflicting pieces of information.

You've been there.

It's the biggest table that I've ever seen in my life in that FOMC room.

So there's plenty of room for everything to be on the table at every meeting.

So I'm not going to rule anything out.

Maybe a little of both.

I mean, that's why I've been uncertain and highlighting the inflation numbers.

There have been some encouraging signs in inflation.

Housing inflation has come down a lot and is likely to continue to come down.