The Chicago Federal Reserve Bank President, Austan Goolsbee, anticipates that interest rates will be considerably lower within the next 12-18 months. Goolsbee mentioned in an interview with the Financial Times that due to economic uncertainty, there might be a delay in the next rate cut. He emphasized that if the markets start pricing in higher inflation, it would raise concerns for policymaking decisions. Goolsbee emphasized a cautious approach in times of uncertainty, stating that it is best to wait and observe. The Fed kept the benchmark interest rate within the range of 4.25%-4.50% in March and indicated a potential decrease later in the year. Fed Chair Jerome Powell noted that President Trump's tariffs could hinder inflation reduction but believed that the tariff effects would pass through the economy swiftly.