Economic mobility is largely tied to growth in productivity, Chicago Fed President Austan Goolsbee said on Wednesday. Productivity growth after COVID is outpacing the pre-pandemic trend, he said during remarks at the Philadelphia Fed's Economic Mobility Summit.

"When there is interference over the long run, it's going to mean higher inflation, it's going to mean worse growth and higher unemployment," Goolsbee said.

President Donald Trump has openly criticized Fed Chair Jerome Powell, sparking speculation about whether he could remove him from the job.