(https://www.cnbc.com/2026/05/18/the-fed-will-have-to-raise-in-july-to-appease-bond-vigilantes-yardeni-says.html) to appease bond vigilantes, and (https://www.cnbc.com/2026/05/18/eu-stagflation-shock-iran-war-oil-prices.html) — this is the exact scenario that kills the soft-landing narrative.

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