Austan Goolsbee:

Well, I mean, one of the oldest rules in the book is don’t ask legal advice from a guy with an econ Ph.D. So I don’t know the answer to any of that.

What I will say, I, like all economists, virtually unanimous, believe in the importance of monetary independence and that the Fed, by law, has a dual job, maximize employment, stabilize prices, and that’s the thing that guides what the Fed’s decisions are going to be. It’s got to be based on economic conditions.

We’re in an almost unprecedented environment where we’re coming into this year and the Q1 of this year, the hard data, quite strong,and now we have added a lot of dirt in the air and I’m out every week talking to businesses here in the Seventh District out in the Midwest, and there’s a lot of anxiety that we’re turning the page back potentially with the tariffs to something like 2021 and 2022, when inflation was raging out of control, higher than where we wanted it.

And they don’t — they didn’t like that movie when they saw it the first time. They don’t — definitely don’t want to go see that movie again. So I’m just hoping that the conditions warrant whatever changes we need to make and that, if we can get past this period of uncertainty, I still am hopeful that those solid conditions in the hard data can continue, inflation head back to 2 percent, and we maintain solid growth with full employment.