(Reuters) -Chicago Federal Reserve Bank President Austan Goolsbee on Monday said that with unemployment near 4% and inflation around 2.5% and falling, he sees no possibility that tariffs or another supply-side shock could in the near term cause actual 1970s-style stagflation, when the unemployment was double today's rate and inflation was above 13%.

"But there's definitely the possibility of both things getting worse at the same time," Goolsbee said at the Aspen Ideas Festival in Aspen, Colorado, referring to unemployment and inflation. "And there you usually say, well, how long is each side's discrepancy going to last? Do you think it's temporary or do you think it's permanent? And how big is each side...that's the way I think about it." He did not give a forecast for those variables.