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

• White House confirms Kevin Warsh will be sworn in as Fed Chair this Friday.
• April Consumer Price Index (CPI) rose 0.6% month-over-month and 3.8% year-over-year, while the Producer Price Index (PPI) surged 1.4% month-over-month and 6.0% year-over-year, both remaining elevated.
• Crude oil prices are gushing to a 6-week high, up nearly 5% since Friday, contributing to inflation worries.
• Austan Goolsbee states inflation is 'too high' and 'getting worse,' particularly services inflation, and warns that cutting rates could 'ignite inflation even more,' advocating for inflation to be 'front of mind' for the new Fed Chair.

The video discusses the upcoming swearing-in of Kevin Warsh as Fed Chair and the immediate challenge of high and rising inflation. Chicago Fed President Austan Goolsbee expresses significant concern about inflation, noting it's 'too high' and 'getting worse,' and warns against cutting interest rates, suggesting a hawkish stance is needed to stabilize prices.