"When there is interference over the long run, it's going to mean higher inflation, it's going to mean worse growth and higher unemployment," Goolsbee said.

President Donald Trump has openly criticized Fed Chair Jerome Powell, sparking speculation about whether he could remove him from the job.

The following is the transcript of an interview with Austan Goolsbee, Chicago Federal Reserve Bank president, that aired on "Face the Nation with Margaret Brennan" on April 20, 2025.