BlockBeats message, April 1, in a report, Goldman Sachs analysts stated that since the outbreak of the war with Iran, the market pricing of the U.S. federal funds rate has seen dramatic fluctuations, but the likelihood of rate hikes this year remains relatively low. The analysts said that the current supply shock is small in scale and more limited than past shocks that triggered inflation problems, and that oil price increases are also less than 20th-century 70s levels. In addition, they believe that “the economy’s starting point makes it less likely that inflation will spill over broadly,” and that the current starting point of monetary policy also reduces the odds of rate hikes. The analysts emphasized: “The Fed typically would not implement tightening measures solely in response to an oil shock.”