CoinWorld News, FOMC voting member and Chicago Fed President Goolsbee stated on Thursday local time that the economy is suffering from an oil price shock. With inflation from last year's tariff impacts still lingering, the oil price shock has pushed prices higher again. He expressed concern about this "untimely timing." Goolsbee said, "When gasoline prices rise sharply in the short term, people's expectations for inflation over the next 12 months tend to increase significantly, which could put us in a more difficult situation." Since the outbreak of the Iran war, oil prices have surged dramatically, further increasing business uncertainty and slowing hiring efforts.