Former President Barack Obama's chief economic adviser Austan Goolsbee thinks that economic growth is "okay, but not as good as the optimists believe."

Goolsbee spoke with Richard Quest on CNNMoney's "Markets Now" Wednesday.

Since he believes growth is fragile, he suggested that the Federal Reserve should not raise rates too quickly.

Recent market volatility, he said, might indicate that the "Fed is moving too quickly."

"There is the possibility that the economy cannot stand too many rate increases in too short of a time," he said. "That would be the thing that leads to a recession."

"If the Fed were not changing anything, there would be very little risk of a recession in the near term," he added.

Now a professor of economics at the University of Chicago's Booth School of Business, Goolsbee was the youngest member of the Obama cabinet. He also serves on the Economic Advisory Panel to the Federal Reserve Bank of New York.

Related: Watch 'Markets Now' here every Wednesday at 12:45 p.m. ET

"Markets Now" streams live from the New York Stock Exchange every Wednesday at 12:45 p.m. ET. Hosted by Quest, CNNMoney's editor-at-large, and Maggie Lake, CNNMoney anchor, the 15-minute-long show offers expert commentary on markets and the economy.

Last week, legendary investor Jim Chanos warned Lake that Tesla (TSLA) investors are "paying money to lose money." He added, "I think the company is ultimately going to become a troubled company."

Prior to that, BNY Mellon (BK) AMNA's Chief Economist Vincent Reinhart spoke to Quest about market volatility.

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