WATCH FOOD PRICES

War serves as a structural inflation catalyst - Geopolitical conflicts drive government deficit spending and disrupt global supply chains, creating a persistent second wave of price increases.

Food security is the next major macro risk - Supply shocks in agricultural commodities are driving sticky food inflation that remains resistant to traditional central bank policy tools.

Private credit is facing a liquidity reckoning - The breakdown in private lending markets suggests that the era of opaque, easy credit is hitting a wall as interest rates remain volatile.