Federal Reserve Bank of Chicago President Austan Goolsbee said on Sunday that it is crucial to preserve the Fed's independence from political interference. In an interview with CBS News, he expressed hope that the United States will not enter an environment where monetary independence is questioned.
Goosbee said businesses have communicated anxiety about the effect of tariffs but that they are still unclear on their scope and extent. He stated preemptive buying before levies kick in is probably more pronounced on the business side and estimated the current level of economic activity could be "artificially high" due to the frontloading of purchases and that it is likely to decrease in the coming months.
