What keeps a Fed president up at night

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• 00:11

  This is the Indicator from Planet Money.

• 00:14

  I'm Waylon Wong.

• 00:15

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

• 00:18

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

• 00:21

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

• 00:24

  Weather outside is less than delightful, but not horrible.

• 00:30

  There's no bad weather.

• 00:31

  There's only bad clothing.

• 00:32

  Am I right?

• 00:33

  That's right.

• 00:34

  That's our motto, Chicago Fed.

• 00:36

  Austin Gulsby is the president of the Federal Reserve Bank of Chicago.

• 00:40

  And as you just heard, the bank's motto is, there's no bad weather, only bad clothing.

• 00:46

  That means the Fed does its job no matter what's happening in the economy.

• 00:50

  Well, the economic weather conditions are pretty unpredictable right now.

• 00:54

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

• 00:59

  So today on the show,

• 01:01

  Austin Gulsby of the Chicago Fed tells us about some potential storm clouds on the economic horizon.

• 01:07

  You'll meet the stagflationary impulse and something called the Freakout Channel.

• 01:12

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

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