PANews reported on March 20th that, according to Jinshi Data, Federal Reserve Governor Waller stated that the closure of the Strait of Hormuz could exacerbate inflationary pressures. If oil prices remain high for several months, it will eventually transmit to core inflation. The high and persistent oil shock is not a temporary effect on inflation. Maintaining caution now does not mean remaining on hold for the rest of the year. He hopes to observe developments before deciding whether to cut rates later this year. If employment remains weak, he will advocate for another rate cut later this year. He believes that once the tariff issue is resolved, inflation will decline. The Fed is making progress in curbing structural inflation, which is currently likely close to 2%, but is being pushed up by tariffs. Governor Waller does not believe it is necessary to consider raising interest rates.