Chicago Fed President Goolsbee: If oil prices continue to rise, it may push up inflation.

Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said that the soaring oil prices caused by the Middle East conflict are worrying, and if they continue in the long term, it could push up consumers' inflation expectations. "If costs continue to rise, it will cause a considerable supply shock to the U.S. economy," Goolsbee said. With the impact of tariffs in 2025 not yet fully manifested, soaring oil prices will push up inflation, "which may make the inflation situation even more complicated." He pointed out that the rapid rise in gasoline prices will push up consumers' inflation expectations, "which may put us in a more difficult situation."