Editorial companion

What stands out

Amanda Agati telling Bloomberg the Federal Reserve faces a real dilemma: energy-driven inflation is nudging markets to price in higher rates, while tightening further risks a policy error. She also flags two market-moving undercurrents: the prospect of a longer Iran war, which raises the odds of persistent oil-price shocks, and corporate earnings strong enough to push artificial intelligence (AI) spending concerns off the front page. For investors the clip matters because it reframes inflation as a supply-geopolitics problem rather than a clear demand surge, and those problems behave differently under monetary policy.