About this episode

The episode discusses the latest CPI reports and the outlook for inflation and central banks amidst rising energy prices.

Nora Szentivanyi is joined by Greg Fuzesi and Mike Hanson to discuss takeaways from the latest CPI reports, the outlook for inflation and central banks. March CPI reports delivered the anticipated spike in headline inflation as energy prices surged in response to the Iran conflict, pushing the three-month annualized headline CPI rate to its strongest pace in three years. Inflation outside of energy was well-behaved, with core inflation up a modest 0.19% gain last month. Although the 3%ar 3m run-rate in core inflation remains elevated, the step-down in March reinforces central bank patience through the initial leg of this oil price spike. Inflation paths are differentiated across regions, but so are central bank reaction functions. We expect Western European central banks to tilt more hawkish in response to the energy shock than the Fed. This podcast was recorded on April 28, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5277839-0, https://www.jpmm.com/research/content/GPS-5267518-0, https://www.jpmm.com/research/content/GPS-5261954-0, for more information; please…

People in this episode

Host: Nora Szentivanyi

Guests: Greg Fuzesi, Mike Hanson

Topics covered

• inflation
• CPI reports
• central banks
• energy prices
• economic outlook

Keywords

• inflation
• CPI
• central banks
• energy prices
• economic outlook
• core inflation
• Western Europe

Mentioned in this episode

Organizations: J.P. Morgan

Places: Western Europe

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