On May 28, Chicago Fed President Goolsbee stated on Thursday that the duration of energy inflation related to the Iran war has exceeded expectations, posing a 'stagflation impact' on Asian economies. Speaking at a conference hosted by the Bank of Japan's Financial Research Institute, Goolsbee noted that initial forecasts in the futures market had expected energy prices to be 'well below' current levels. Although there have been recent signs of progress in U.S.-Iran peace negotiations leading to a slight decrease in oil prices, they remain significantly higher than pre-war levels. Goolsbee also warned about the impact on Asian economies, stating that due to their reliance on energy imports, this shock is 'more akin to a traditional stagflation impact.' (Jin Shi)