The U.S. economy is in a strange and unprecedented moment, according to Austan Goolsbee, the new president of the Chicago Federal Reserve Bank.
In his first speech since taking office last month, Goolsbee said he had no doubt that the economy will face “bumps in the road.” He gave the speech at an event hosted by Ivy Tech Community College in Goshen, Ind.
“Lots of things in the economy got turned on their heads, and we need to figure out where they will land and what that means for the future,” Goolsbee said.
“But we will figure it out,” he added.
Goolsbee is a voting member of the Fed’s interest-rate committee this year. He was a top economic adviser to President Barack Obama for three years and then returned to the University of Chicago Booth School of Business to teach economics.
Before taking the helm at the Chicago Fed, Goolsbee was a regular commentator on the economy on cable business television.
Stocks were mixed in afternoon trading, while the yield on the 10-year Treasury note rose close to 4%.