Austan Goolsbee on the Fed's Data Dependence and the Golden Path

An interview with Austan Goolsbee, the president of the Federal Reserve Bank of Chicago

There is nothing but uncertainty and everything but trust right now. It’s a lot. It’s hard to cut through noise and even harder to interpret signal but this is our reality. And we have to understand it. This conversation with Austan Goolsbee, the president of the Federal Reserve Bank of Chicago, will dive into the economic data shaping our world - and what might happen next. This transcript has been lightly edited for clarity. You can also listen on Let’s Appreciate or watch the interview on YouTube.

One thing I’ve been obsessed with recently is data. Data methodology, survey design, data interpretation - all of it. Data is the key to understanding the economy - and sometimes, it doesn’t make any sense. Today, we're talking all about economic data - where it comes from, how we understand it, and why it's becoming increasingly difficult to discern its patterns. 

President Goolsbee: And you know, the first rule of the data dogs is there's a time for walking and there's a time for sniffing…