Austan Goolsbee, who was a top economic adviser to President Barack Obama, has been chosen as the next president of the Federal Reserve Bank of Chicago, the regional Fed bank announced Thursday.
Goolsbee, 53, an economics professor at the University of Chicago who is a frequent commentator in opinion columns and television appearances, will succeed Charles Evans on Jan. 9. Evans is retiring after 15 years as head of the Chicago Fed after reaching the mandatory retirement age of 65.As head of a regional Fed bank, Goolsbee will have a vote on the central bank’s interest rate decisions in 2023.
Like his predecessor, Evans, Goolsbee is likely to bring a dovish view to Fed rate-setting policy. “Doves” generally stress the need to keep rates low to support hiring and growth, while “hawks” are likelier to favor higher rates to restrain inflation. Last September, Goolsbee expressed some concern in an interview with the business cable channel CNBC that the Fed might raise rates higher than needed to fight inflation and cause an economic downturn.
Last week, on Fox Business, Goolsbee sounded a more cautious note, saying there could be more supply shocks from China’s COVID-19 lockdowns, which would likely keep inflation elevated.
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