"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.

Austan Goolsbee, the Chicago Fed chief, defended the central bank's independence in a Sunday morning talk-show interview.

Federal Reserve Bank of Chicago President Austan Goolsbee warned against efforts to curtail the central bank’s independence, days after President Donald Trump expressed his displeasure with Fed Chair Jerome Powell.