Fed's Goolsbee (2027 voter, neutral) says he is trying to figure out if inflation shocks are persistent

Tariff and war related price increases are a challenge for the Fed. Political pressure on Fed puts him on the edge. Political interference on central banks generally leads to inflation. 3-month inflation does not look terrible. A 3% rate and 2% inflation is a loose target where the Fed is headed (likely talking long-term, given 2% inflation goal and c. 3% neutral rate). Economy on balance has been stable. Current low hire and low fire job market is unusual. Biggest short run fear is that inflation is not under control.