Chicago Federal Reserve President, Austan Goolsbee, has expressed concern about inflation more than unemployment, despite apparent progress in negotiations with Iran. He said policymaking is difficult in the current environment and that the most important issue is finding out what is happening on the ground in the conflict in the Middle East. Despite dissenting on a rate cut in December, Goolsbees agreed with the majority of the Federal Open Market Committee to maintain short-term rates steady. He also warned against underestimating inflation by 2021. Following the news of the Iran war, traders increased bets of a rate hike by the end of the year but still expect a cut in 2027.