On March 23rd, "Fed whisperer" Nick Timiraos stated that the surge in energy prices has made the Federal Reserve's already difficult transition even more challenging. This process was already quite complex. Kevin Worsh's appointment has been stalled due to a Justice Department investigation and obstruction from Tillis. Furthermore, unlike previous Fed chairs since Volcker, Worsh has pledged a complete break from his predecessor's policies, rather than continuing them. Market expectations are now split between a rate hike and a rate cut this year, which could put Worsh in a difficult position: caught between the president who nominated him and the committee he is about to lead. In 2008, after a period of aggressive interest rate cuts, oil prices suddenly surged. At the time, Worsh strongly argued that inflation risk "was the primary risk" and suggested the Fed's next move should be to raise interest rates. Trump's expectations were precisely the opposite.