Fed's Daly stated that if the Iran conflict is resolved quickly and oil prices decline, a rate cut is 'not out of the question.' If inflation remains above expectations for an extended period, we will remain cautious until we are confident that the inflation issue has been addressed. We had work to do on inflation before the oil price shock; now, this work simply requires more time. The likelihood of a rate hike is considered lower than that of a rate cut or maintaining the current rate.