Chicago Fed President Goolsby said on Tuesday that if the Iran War leads to long-term high oil prices and slows down the process of inflation falling towards the Fed's 2% target, the Fed may need to wait until 2027 to cut interest rates. During his attendance at the Semafor World Economic Conference, Gulsby said, "I originally thought that there might even be multiple interest rate cuts in 2026; but if this situation continues, we will never see inflation decline, and inflation remains high. Realistically speaking, this will delay the timeline until after 2026. Our responsibility is to bring inflation back to 2%." Gulsby was once a relatively optimistic member of the Federal Reserve, believing that inflation driven by tariffs would fall this year, allowing the Fed to resume interest rate cuts. But now, his confidence has weakened. He said, "In some cases, interest rates may be raised; in other cases, all of this proves to be temporary - the oil price shock in the Middle East is resolved, inflation is falling again, and it looks like we are returning to the 2% target, so interest rate cuts will also be put back on the agenda