Chicago Fed President Provides Insights on Economy and Monetary Policy

During a recent meeting of the Detroit Economic Club, Austan Goolsbee, President of the Federal Reserve Bank of Chicago (Chicago Fed), shared his insights on the current state of the economy. He discussed the impact of this week’s Consumer Price Index (CPI) reports and how UAW strikes may have affected the economy.

As the central bank responsible for nonpartisan monetary policy and financial system stability in the United States, the Federal Reserve operates under a dual mandate to maximize employment while simultaneously minimizing inflation rates. The Chicago Fed plays an essential role within this national system as it serves as “the bank of banks” to the Seventh Federal Reserve District, which encompasses Michigan.

The Chicago Fed’s responsibilities include conducting monetary policy, regulating banks within the district, and conducting industry and regional research. This information was shared during an interview led by Sandy K. Baruah, President and CEO of the Detroit Regional Chamber. Baruah was appointed by Chicago Fed’s Board of Directors in January 2023 to serve a one-year term as chair of Detroit Branch’s Board of Directors in 2023.

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