"I still think my ultimate where-we're-going-to-land is a fair bit below where we are today," Austan Goolsbee said at auto symposium in Detroit.

Trade wars could lead to supply-chain disruptions and an inflation spike similar to the early pandemic, Austan Goolsbee said.

There’s a growing sense among some inside the Federal Reserve that President Donald Trump’s willingness to use tariffs as a tool to accomplish his administration’s aims will end up boosting inflation,

Chicago Federal Reserve President Austan Goolsbee warned on Wednesday that ignoring the potential inflationary impact of tariffs would be a mistake, citing the COVID-19 pandemic experience where supply chain disruptions drove up inflation.