How Chicago fits into the national economy, latest trends affecting consumers

CHICAGO (WLS) -- ABC7 is taking a look at the latest economic trends affecting your money and what you need to know to plan for tomorrow.

Specifically, ABC7 is taking stock of how Chicago fits into the national economy.

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ABC7 was joined by someone who is uniquely suited to do that, Austan Goolsbee, President and CEO of the Federal Reserve Bank of Chicago.

Goolsbee explained the key economic trends shaping the Midwest in 2025, how the economy of the Midwest compares with the rest of the country, how President Trump's tariffs are affecting the economy, the state of the labor market, and more.

The full interview can be viewed in the video player above.

Goolsbee is a voting member on the Federal Open Market Committee, which tackles inflation. He also discussed with ABC7 how we stand with inflation today.

Goolsbee will take part in a discussion with the Chicagoland Chamber of Commerce on Thursday. More information about the event can be found here.