A senior official at the US Federal Reserve said on Tuesday it is too soon to assess the economic impact of the Iran war, which threatens to disrupt the global energy supply chain.
“It’s still early to say … how big this will be and how persistent this will be,” New York Fed president John Williams told reporters after speaking to a conference in Washington.
“Nobody can be sure how long this will last or the broader implications.”
Mr Williams also said the US economy is far less reliant on oil than it used to be, even as the recent conflict conjures memories of the oil crisis that gripped the nation in the 1970s.
“Past experiences show that movements in oil prices of the kind that we’ve seen so far don’t fundamentally shift the economy, but we’ll wait and see,” Mr Williams said.
Nobody can be sure how long this will last or the broader…
