Austan Goolsbee

And then you add navigating through political pressures that are unlike any in modern memory.

That seems like a pretty compelling combination to me.

Look, I don't dispute that.

All I'll say is,

He wasn't the only one making the forecast that inflation was going to be transitory.

Right, right.

And when they decided to pivot, because I want to say again, I wasn't there.

I didn't do that.

But look, I agreed with the professional forecasters and the markets were thinking that, as I was, I thought inflation would be –

Temporary because I thought a lot of it was coming from a wrecked supply chain and that the supply chain would heal quicker than it did.

But when it healed...

We got the decrease in inflation without a recession.

And to me, the fact that that happened on the other side kind of establishes that there was less of the stimulus-driven than the supply-driven part in the beginning.

But look, I'm aware people are of different minds on that.

Yeah, it's a tough mess on the jobs report today.

You never want to over-index on one month's report.

And I've been consistently saying, let's not index on total payroll employment.

Anyway, because a lot of stuff is going on with immigration, with population growth.

That said, you saw the unemployment rate inching up, and one month is not a trend, but it's not a good month.

If you got several months like that, that'd be a concerning spot for the labor market.