About this episode

This episode features a discussion on the March CPI report and its implications for inflation and Fed policy.

In this episode of J.P. Morgan’s Making Sense, global economist Maia Crook is joined by senior U.S. economist Mike Hanson to break down the March CPI report. They discuss the energy-driven jump in headline inflation, why core inflation may remain firm and signs of tariff pass-through. The conversation also explores why CPI and the Fed’s preferred Personal Consumption Expenditures (PCE) measure are sending different signals, how that gap could shape Fed policy and how the Iran conflict may influence the global inflation outlook. This episode was recorded on April 13, 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its…

People in this episode

Host: J.P. Morgan

Guests: Maia Crook, Mike Hanson

Topics covered

• inflation
• CPI report
• economic policy
• PCE measure
• global inflation
• energy prices

Keywords

• CPI
• inflation
• PCE
• economic outlook
• tariff pass-through
• energy-driven inflation

Mentioned in this episode

Organizations: J.P. Morgan

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