Global central banks’ responses to the Iran war’s energy crisis reveal different underlying concerns.

The US Fed held rates steady and hinted at future hikes; the ECB last week increased rates, as did Japan’s central bank on Tuesday, all of them trying to tamp down the Iran war-fueled inflation.

While the booming US economy provides room for hikes, Europe risks slowing its already sluggish economy. But increased borrowing costs in the US could make local debt more expensive across Africa, forcing officials there to raise rates themselves, Semafor’s Africa editor wrote.

The People’s Bank of China, meanwhile, could look to ease rates, as threats to growth mount amid weak consumer spending.