The US Federal Reserve and Bank of Canada have both expressed caution over rising energy prices from the Iran war. The Fed and BoC opted to keep interest rates steady despite concerns that the surge in energy prices could lead to severe inflation. BoC Governor Tiff Macklem said the bank would not allow the immediate impact of the war to reach fruition. Despite these concerns, the Fed's Chairman, Richard Powell, emphasised that it is too soon to know the potential economic effects of the conflict. The outlook for global monetary policy has been muddled by the conflict's outbreak.