PANews reported on April 15th that, according to Jinshi News, Chicago Federal Reserve President Goolsby stated on Tuesday that if the Iran war leads to persistently high oil prices, thus slowing the process of inflation returning to the Fed's 2% target, the Fed may have to wait until 2027 to cut interest rates. Speaking at the Semafor World Economic Conference, Goolsby said, "I originally thought there might even be multiple rate cuts in 2026; but if this situation continues, and we don't see inflation falling, and inflation remains high, realistically, this will push the timeline back to after 2026. Our responsibility is to bring inflation back to 2%." Goolsby was once a relatively optimistic member of the Fed, believing that tariff-driven inflation would fall this year, allowing the Fed to resume rate cuts. However, his confidence has now waned. He said, "In some cases, interest rates may rise; in other cases, it all proves to be temporary—the Middle East oil price shock is resolved, inflation falls again, and it looks like we are returning to the 2% target, then rate cuts will also be back on the agenda."