Iranian Speaker Kalibaf: The Straits version of Taylor's rules is - i = r* + pi* + 1.5 + 0.5 + α + β, where α and β are greater than 0. Let's see if interest rate hikes can open up the Strait of Hormuz or produce a barrel of crude oil. Interest rate hikes of 25 basis points alone cannot solve this major energy problem; r* is not a neutral interest rate either. This is the Strait of Hormuz risk premium, and we will decide. Expectations are no longer anchored.

Iranian Speaker Kalibaf: The Straits version of Taylor's rules is - i = r* + pi* + 1.5 + 0.5 + α + β, where α and β are greater than 0. Let's see if interest rate hikes can open up the Strait of Hormuz or produce a barrel of crude oil. Interest rate hikes of 25 basis points alone cannot solve this major energy problem; r* is not a neutral interest rate either. This is the Strait of Hormuz risk premium, and we will decide. Expectations are no longer anchored.