ASSESS STAGFLATION

Fed policy limitations - The Federal Reserve's interest rate tools may be insufficient to combat rising household costs driven by external geopolitical supply shocks.

Geopolitical inflation catalysts - Conflict involving Iran is emerging as a primary driver for energy price hikes that will likely hit consumer wallets regardless of domestic policy.

Stagflation risks - Economic experts are weighing whether persistent high prices and shifting growth patterns are pushing the U.S. toward a period of stagflation.