Editorial companion

What stands out

On Fox Business, Mohamed El-Erian, the former PIMCO CEO, warned that rising gas and diesel prices are the key risk for markets right now. He tied that threat to higher Treasury yields, a tightening in credit markets and rising credit-card debt, arguing that energy-driven inflation can compress corporate margins and pinch household spending. For investors chasing artificial intelligence (AI) froth, it is a useful reminder that commodity jolts have real economy first-order effects, and can force faster policy and credit repricing than earnings narratives suggest.