NPR.

This is the indicator from Planet Money.

I'm Waylon Wong.

As some of you might know, I am based in Chicago.

It's a city where the weather can be all over the place.

Like, it briefly snowed this week, even though it's April.

Weather outside is less than delightful, but not horrible.

There's no bad weather.

There's only bad clothing.

Am I right?

That right.

That's our motto, Chicago Fed.

Austin Goulsby is the president of the Federal Reserve Bank of Chicago. And as you just heard, the bank's motto is, there's no bad weather, only bad clothing. That means the Fed does its job no matter what's happening in the economy. Well, the economic weather conditions are pretty unpredictable right now.

We've had escalating trade war in huge swings in global stock markets.

So today on the show, Austin Goolsbee of the Chicago Fed tells us about some potential storm clouds on the economic horizon.

You'll meet the stagflationary impulse and something called the freak out channel.

And Austin also tells us why he's not freaking out.

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This is Eric Glass.

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