The U.S. economy is going through a “strange and unprecedented moment” on the other side of the coronavirus pandemic, according to the new Federal Reserve Bank of Chicago president, Austan Goolsbee.
Goolsbee, who served on the Council of Economic Advisors in the Obama administration, told an audience at the Ivy Tech Community College in Goshen, Indiana, that it can be difficult to assess current economic conditions when relying on delayed data, be it the gross domestic product or inflation. This is because the statistics could bounce around or provide policymakers with contradictory indicators, making it harder to observe what is occurring in the real economy….