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On May 7th, Chicago Federal Reserve President John Goolsby warned against instinctively lowering interest rates due to faster productivity growth, as this phenomenon can sometimes push up inflation. In prepared remarks delivered before a panel discussion at the Milken Institute Global Conference on Wednesday, Goolsby stated that the Feds response to faster productivity growth "depends largely on whether productivity growth is unexpected or anticipated." He explained that in the first case, inflation might be contained, allowing for lower interest rates. In the latter case, the additional investment and spending resulting from productivity growth could push up inflation, necessitating higher interest rates. Furthermore, he emphasized the need to be wary of consumption and investment driven by expectations of future growth. "The more hype there is, the greater the need to raise rates to prevent overheating," he said.Federal Reserves Goolsby: If artificial intelligence is as good as advertised, that would be "wonderful," but the Fed still needs to be wary of an overheated economy.Federal Reserves Goolsby: If people withdraw expected future earnings in advance for todays consumption, it could lead to an overheated economy.The Federal Reserve accepted a total of $1.633 billion from seven counterparties in its fixed-rate reverse repurchase operations.On May 7th, it was reported that on May 6th local time, Mohsen Rezaei, military advisor to Irans Supreme Leader, stated in an interview that Iran will not allow the United States to extricate itself from the crisis without paying a price. Rezaei stated that the United States is currently attempting to make a "show" by raising the issue of reopening the Strait of Hormuz and then withdraw from the region, but Iran will not allow this. He emphasized that the United States must compensate Iran for the losses incurred, and Iran "will certainly obtain its rights and reparations."