Investing.com -- Chicago Federal Reserve President Austan Goolsbee said on Monday that oil futures markets are pricing an expectation the surge in oil prices related to the Iran War will be short-lived, and that as long as this is the case the impact on the U.S. economy may be limited.

"As long as the consumer remains strong, I think the economic growth is going to remain strong," Goolsbee said in an interview on Fox News. "If this were extended - if the price of gasoline were to remain at these kind of high levels or higher for a longer period - then we would have to reevaluate what does that mean for consumer spending; but if it goes how the market thinks it's going to go, then it would be transitory."

Goolsbee said oil futures prices show people think this will be a short-run argument. He added that if oil was $90 per barrel month after month, it would start spilling over to other prices.

The Fed official said not to be surprised if you see a souring of consumer sentiment, noting some breakdown of consumer sentiment as an indicator of behavior.