Fed’s Goolsbee Goes Hunting for Inflation Clues in the Heartland

On a hot, sunny afternoon in early June, Austan Goolsbee traded a desk in his bookshelf-lined office at the Federal Reserve Bank of Chicago for a cramped brick booth on a small island in the middle of the Mississippi River.

On the border of Illinois and Iowa, with a black lever in each hand, Goolsbee carefully closed two miter gates at Locks and Dam 15, allowing a chemical barge to sail on to the next part of the river. He was there to tour the facility and meet with local business leaders and farmers, hoping to gain a better understanding of ...