Fed's Goolsbee says he's worried about inflation in 'fraught but intense' climate

• Goolsbee is worried about inflation in the current 'fraught but intense' climate.
• The uncertainty of the Middle East conflict's duration and its impact on gasoline and energy prices is a key concern.
• A prolonged conflict leading to drifting inflation expectations could result in rising long-term interest rates.

Chicago Federal Reserve President Austan Goolsbee expressed concern about inflation in the current 'fraught but intense' climate, largely due to uncertainty surrounding the Middle East conflict. He highlighted the importance of understanding the long-term impact on energy prices and inflation expectations, warning that extended conflict could lead to rising long-term interest rates.