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The president of the New York Federal Reserve warns that the rise in oil prices caused by the war in Iran may impact the overall economy
John Williams, the President of the New York Federal Reserve, stated in a FOX Business program that the impact of the Iran war on energy prices could spread to multiple areas of the economy, with prices of various goods and services, including airline tickets, rising due to increased fuel costs. This transmission process typically takes months or even a year to fully manifest.
Currently, the national average price of regular gasoline in the U.S. has exceeded $4 per gallon, rising more than $1 since the outbreak of the war. Williams pointed out that rising energy prices not only drive up inflation but also weaken disposable income for households, creating a dual pressure on economic demand. Williams stated that the current monetary policy of the Federal Reserve is in a good position to balance the associated risks, but the Iran war represents an unforeseen geopolitical shock, and monetary policy has limitations in responding to changes in oil prices. He emphasized that decision-making needs to be forward-looking, as the full impact of monetary policy on the economy takes at least a year.
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