Rabobank’s Philip Marey and Kan Ji argue that higher global Oil prices from the Iran conflict will push US inflation higher and keep it more persistent. They expect US CPI to rebound in March, peak at 3.3% in April, average 2.9% in 2026 and 2.8% in 2027, only easing to 2.5% in the second half of 2028. This reflects a stagflationary supply shock. [...]