Goolsbee Calls for Cautious Approach to Fed Policy

The transcript discusses the importance of caution and prudence in monetary policy during financial stress. It introduces the concept of financial dominance, which prioritizes financial issues over monetary policy. The speaker argues against this perspective, advocating for careful data gathering and cautious rate hikes to manage inflation amid financial uncertainty.

What does the teacher mean by 'gathering further data' before making monetary policy decisions?

How does the teacher suggest we should approach raising interest rates in light of financial headwinds?