Balkin's words sound like they're reassuring the market, but the phrase "some immunity" is used quite subtly.

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Federal Reserve's Barkin: Current policy is in good shape; the U.S. is "somewhat immune" to oil price shocks
BlockBeats News, May 22 — Federal Reserve's Barkin stated that current policies are in a good position to withstand ongoing shocks, and the U.S. may be somewhat immune to oil price shocks.

Barkin believes that, so far, long-term inflation expectations still appear to remain within controllable ranges. The persistence of inflation shocks could challenge the textbook approach of "ignoring" them.
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