"Now, it's going the wrong way… Inflation has been rising for several months." Trump Administration, Federal Reserve, And Cbo Release Conflicting Economic Forecasts For Next Four YearsChicago Fed President Austan Goolsbee warned that rising inflation presents a challenge to the Fed as it considers further rate cuts. "We have, by law, a dual mandate to maximize employment and stabilize prices. If they both start going wrong at the same time, now it's not obvious what you do." Fed Chair Jerome Powell has said that the Fed's framework directs policymakers to focus on whichever dual mandate goal is further from the target in such a scenario.