ROCKFORD, Ill. — The president of the Federal Reserve Bank of Chicago visited Rockford to discuss the economy with local business leaders.
Austan Goolsbee sat down with Angela Kay Larson with the Greater Rockford Chamber of Commerce. They talked about inflation, the latest consumer price index, gas prices and how the Rockford area reflects the broader economic picture around the country.
“Rockford, the 7th District, is the heart of the Midwest, which is in a way a bellwether of the business cycle,” Goolsbee said. “And Rockford is the bellwether of the bellwether in a way, it’s high manufacturing orientation.”
Goolsbee addressed ongoing inflation concerns facing the country.
“We continue to have an inflation problem in the U.S.,” he said. “There’s a two percent target. We’re well above two percent and we have been above two percent for many years. We stopped making progress last year and now in the short run, it’s getting a little worse.”
More than 120 people from around the region came to hear Goolsbee speak.
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