I'm staying true to the title but Goolsbee made some interesting comments beyond oil.
Re: how rate increases are an imprecise (unfair?) tool:
> But the Fed can't pump oil or slow data-center construction. Higher rates mainly bite housing, business investment and big-ticket consumer purchases. "It would necessarily be painful," he said. "You will certainly hear about it from the sectors who say, 'We didn't do this. Why are we being punished?'"
Re: AI boom overheating the economy at large:
> Goolsbee is rethinking the AI boom. Until recently, data-center spending seemed to be "staying in its lane," pulling workers and resources from elsewhere without overheating the whole economy, he said. Now his business contacts describe a tightening job market and rising wages in jobs tied to the build-out.
kaycebasques•53m ago
Re: how rate increases are an imprecise (unfair?) tool:
> But the Fed can't pump oil or slow data-center construction. Higher rates mainly bite housing, business investment and big-ticket consumer purchases. "It would necessarily be painful," he said. "You will certainly hear about it from the sectors who say, 'We didn't do this. Why are we being punished?'"
Re: AI boom overheating the economy at large:
> Goolsbee is rethinking the AI boom. Until recently, data-center spending seemed to be "staying in its lane," pulling workers and resources from elsewhere without overheating the whole economy, he said. Now his business contacts describe a tightening job market and rising wages in jobs tied to the build-out.