On Tuesday, Federal Reserve Bank of Chicago President Austan Goolsbee warned about rising inflation and said it isn't clear whether tariff-induced price hikes will be a one-off or could pose a more persistent challenge for policymakers if stagflation sets in. Goolsbee spoke with FOX Business' Edward Lawrence at the Midwest Agriculture Conference on Tuesday and said that inflation's recent rise is concerning after the pace of price growth was easing from the 40-year high reached in 2022 amid the post-COVID i ...

And he joins us now first on CNBC, newly confirmed Fed Governor Steven Myron. Our Steve Leeman, of course, also with us. It's great to see you, Mr.. Governor. First of all, congratulations on the confirmation and getting inside the Fed. >> Thank you and thanks for having me back.It's great to see you. >> Well, I I'm glad that you're here because I think a lot of people want to know why you desented first of all for 50 basis point cut when the rest of the committee voted on quarter point. >> Yeah, of course. ...

Core Inflation Insights - The Consumer Price Index (CPI) has shown the largest month-on-month and year-on-year increase since January, with a year-over-year increase of 2.9% compared to 2.7% in July [1][2] - Core commodities have shifted from being a negative drag on CPI to a positive contributor, likely due to tariff effects, while core services remain sticky at 3.6% [6][10] Labor Market Concerns - There is a notable spike in jobless claims, which may be partly seasonal, with claims rising from 236,000 to 263,000, including a significant increase in Texas [4][2] - The Federal Reserve is expected to prioritize labor market concerns over inflation data, indicating a cautious approach to monetary policy [7][9] Market Expectations - Market expectations for Federal Reserve rate cuts remain high, with a 100% chance of a rate cut in September and 92% in October, reflecting confidence in three rate cuts this year [5][9] - Economists express skepticism about the inflation report, indicating that the current inflation dynamics may not align with their expectations for a stable economic environment [6][10]

Yesterday's headlines, just modestly higher inflation from tariffs. Steve's going to dig deeper into it, but I just want to have a conversation with you before you you wrote something out. We've been crunching some numbers.You can do that in a sec. Can I read something to you. >> You got something. What do you got.>> So, this is what we were trying to say yesterday that and I think this is good. And then I want to ask you what it would really take for the Fed. The lack of a more alarming acceleration in pri ...