Fed's Goolsbee flagging tariff and war-driven inflation as a real headache for monetary policy.

The Fed's already walking a tightrope between growth and inflation. Now add geopolitical chaos and protectionist trade moves into the mix. Rate cuts get harder to justify when prices spike from supply shocks rather than demand.

This matters for $SPY because it means rates could stay higher for longer, even if growth slows. Stagflation lite isn't priced in yet.