Austan Goolsbee, an official at the Federal Reserve, said the U.S. central bank needs to acknowledge that it failed to manage inflation effectively. Goolsbee noted that the cost of services is starting to accelerate and characterized the persistent rise in prices as the economy’s “big problem.”
While highlighting the inflation risks, Goolsbee described current employment and growth levels as “pretty stable.” He also remarked that the expansion of data centers appears to be a case of “old-fashioned overheating.”
