Austan Goolsbee, President of the Chicago Fed, addressed the Official Monetary and Financial Institutions Forum in London on September 21, 2026. He proposed a reform of the Summary of Economic Projections, the quarterly report where FOMC members share individual forecasts for key economic indicators. Goolsbee noted that the current format, known as the dot plot, often lacks consistency.
The official highlighted that supply shocks have become a regular occurrence, complicating policy decisions. As of July 2026, US inflation reached 3.7%, significantly exceeding the 2% target. In response to persistent price pressures, the Federal Reserve increased its policy rate by 25 basis points in mid-September.
Goolsbee identified two primary economic risks: sticky inflation in the service sector and increased demand driven by AI-related capital expenditures. He noted that massive investments in data centers and infrastructure may overheat the economy in the short term. He also emphasized that the Fed must remain independent from political and market influence to maintain public trust.
