New York Federal Reserve President John Williams indicated on the 9th that despite renewed conflict in the Middle East, he does not expect energy prices to rise persistently this year. He pointed out that markets are forecasting crude oil prices to fall over the next six to twelve months, and said he thinks that is a fairly reasonable baseline scenario. He also noted that inflation is still too high, and explained that monetary policy is focused on the impact of energy prices on inflation. Additionally, he suggested that artificial intelligence investment could be a factor pushing up inflation, while hinting that over the long term it could be a positive supply shock.