On April 8th, Gulsby from the Federal Reserve expressed concern that the war in Iran could not only slow economic growth but also increase inflation, putting the Fed in a difficult situation due to the lack of a clear "action plan" for response. Gulsby stated: "What worries me most is that we are about to face an impending oil crisis that will lead to rising prices in the form of stagflation. Tariffs previously caused a sharp increase in prices, but it was expected that they would gradually decrease, and now the shock is coming before the impact has weakened."