Chicago Fed President Austan Goolsbee told the Wall Street Journal that the central bank will have to make sure that the rise in long-term bond yields doesn’t lead to overtightening of the U.S. economy. In an interview published Thursday, Goolsbee said that long rates, more than short rates, can have a “very substantial effect” on the economy. The yield on the 10-year Treasury topped 5% before sliding recently.

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