Neel Kashkari: A CEO Said That Even If the Strait of Hormuz Reopened, It Would Take Six Months for the Supply Chains to Return to Normal

RUSH EXCERPT:
KASHKARI: "Well I’ll give you an example. Sort of the price of affect the energy of factor in energy prices from the ran conflict is already by some measures as big or larger than when Russia invaded Ukraine. So it’s already having a big affected, we’re seeing it. You mention the pc data, we’re already seeing it in the inflation numbers here at home. I talk to the CEO of a global company, headquartered in Minnesota, that supply chains all around the world just last week and they have estimated that even if the straight reopened today, it will probably take six months for their supply chains to return to something like normal. So I think for the Fed we’re going to have to watch what happens in the Middle East and the inflation data very carefully. That’s going to have to guide us, but if it’s a six month process for inflation, returning the normal or something like normal. In the best case, scenario, Rio, I’m also very concerned about something: that’s not the best case scenario and what that might do to prices here at home"