'WARNING SIGNS': Austan Goolsbee on the 'dangers' of high and rising inflation

• Incoming Fed Chair Kevin Warsh inherits an economy with high inflation (April CPI Y/Y 3.8%, PPI Y/Y 6.0%).
• Crude oil prices are surging, with West Texas Intermediate crude up nearly 5% since Friday, standing at $106.07/barrel.
• Austan Goolsbee stresses that inflation must be 'front of mind' for the Fed, cautioning that cutting rates when inflation is high and rising risks igniting it further.

The video discusses the appointment of Kevin Warsh as the new Federal Reserve Chair and the significant challenge of high and rising inflation he faces. Chicago Fed President Austan Goolsbee warns against cutting interest rates too early, emphasizing that inflation is a primary concern and that premature cuts could exacerbate the problem.