The Bank for International Settlements (BIS) has urged global policymakers not to overreact to the Iran crisis-driven spike in global energy prices, particularly if it proves temporary. The BIS's top economic advisor, Hyun Song Shin, stated that this was a textbook case of when to "look through" a shock. The warning comes as the Federal Reserve, European Central Bank, Bank of England, and Bank of Japan hold their first meetings since the Middle East crisis. Money markets have already halved the number of Fed rate cuts they expect this year to one and are now fully pricing in a ECB hike by July.