Inflation is moving the wrong way

June 22, 2026

AI Summary

5 min read

Austen Goolsbee, president of the Federal Reserve Bank of Chicago, sat down with Marketplace host Kai Ryssdal to explain why inflation is moving in the wrong direction and what that means for the central bank’s credibility. The conversation, recorded in late June, comes at a moment when the Fed faces a difficult puzzle: inflation is stuck above target, economic growth has slowed, but the labor market remains surprisingly stable. Goolsbee, who dissented against the Fed’s rate cuts late last year, lays out his thinking on stagflation risks, the limits of forward guidance, and why the Fed’s regional structure matters more than ever.

The inflation problem: stuck above target and going the wrong way

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What you'll learn

1 (00:06) **Ad Break** - Sponsored segments for Wealth Enhancement and Fundrise.
2 (01:32) **Show Open** - Host Kai Ryssdal sets the stage for a macroeconomic Monday.
3 (02:16) **Interview: Austin Goolsbee (Chicago Fed President)** - The main interview begins.
4 (10:20) **Market Update: Oil & Tech** - A brief check on markets, noting a drop in crude oil prices and a decline in the tech sector (SpaceX).
5 (11:30) **Oil Market Disruption** - Elizabeth Troval reports on the "largest oil market disruption in history," explaining that the US Strategic Petroleum Reserve is at its lowest in 40 years.
6 (13:55) **Beef Prices & Supply Chain** - Kelly Wells explains why the price of beef is up nearly 13% year-over-year.
7 (16:35) **The Numbers** - A standard market wrap-up for the Dow, S&P 500, oil drillers, and beef processors.

+ Full timestamped outline available in the app

Guests on this episode

Kai Ryssdal

Show Notes

The last time Austan Goolsbee voted in an FOMC meeting, he was one of two policymakers opposed to cutting interest rates. Six months later, he doesn’t regret that dissent. In this episode, Kai catches up with the Chicago Fed president to discuss the central bank’s communication style, persistent inflation concerns, and former Fed Chair Alan Greenspan’s legacy. Plus: Beef prices are likely to keep climbing this year, it could take months to rebuild depleted oil reserves, and economists make a case that AI could drive more inflation.

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