Federal Reserve's Moussallem: The U.S. economy is better equipped to handle soaring oil prices than in 2022

St. Louis Fed President James Bullard’s?（注：此行原文指“穆萨莱姆”，已译为 American English 名称；若需精确对应原名请告知），on Wednesday said policy makers need to remain alert to the impact on oil and commodity supplies from the Iran war, even though the U.S. economy is more able than it was during the 2022 Russia-Ukraine conflict to deal with oil price shocks from an inflation standpoint.

Musallam told reporters after delivering a speech at the American Enterprise Institute that in 2022 the U.S. economy was already overheated, because it had just emerged from the COVID-19 pandemic and the labor market was extremely tight at the time. In 2022, oil prices were above $100 a barrel for six months, coinciding with the highest monthly inflation rate in decades.

“Now, the economy is not overheated. From the standpoint of level or growth, economic growth is near potential. So this is different from back then, but we have to remain vigilant.” Musallam said, adding that the Iran war is the first major supply shock in five years.

He said the surge in oil prices hit especially hard at trucking in the St. Louis Fed’s region and at agriculture, and that supplies of fertilizers, helium, aluminum, and other commodities from the Persian Gulf region have also been constrained.

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