Governing Council began deliberations by discussing recent developments in the global economy. The conflict in the Middle East was in its fourth month, and its impact on the global economy had increased. Higher energy prices had pushed up inflation worldwide and global growth looked to have slowed, with weaker gross domestic product (GDP) growth in the Gulf region and many oil-importing countries, such as those in the euro area and Asia. Governing Council members also discussed broader disruptions to shipping and to the supply chains for several commodities. Oil reserves were reported to be dwindling in some ... (full story)