On April 9, Nick Timiraos, often referred to as the 'Fed's mouthpiece,' stated that the ceasefire between the U.S. and Iran provides an opportunity to alleviate the severe threats to the global economy. However, for the Federal Reserve, this may simply replace one issue with another: the volatility of energy prices continues to exist, keeping inflation elevated, but not severe enough to significantly damage demand, leading to a prolonged period of unchanged interest rates. The minutes from the Fed's March meeting emphasized that the war is not the primary reason for the Fed's reluctance to cut rates; rather, it has made the Fed's already cautious stance even more complex. Even before the conflict, the path to rate cuts had narrowed. The labor market has stabilized, easing concerns about a recession, while progress toward the Fed's 2% inflation target has stalled. The Fed did not adjust interest rates at the March meeting partly due to concerns about the risks of a prolonged war. The risk that escalating conflict could hinder economic growth and lead to a recession had been the last and most compelling reason to support a resumption of rate cuts. Ironically, the end of the war may make it harder, rather than easier, for the Fed to implement easing policies in the short term. This is because the ceasefire agreement eliminates the worst economic conditions, namely severe price increases that disrupt supply chains and damage demand, which can be considered more important than removing the risks of new inflation pressures.