(https://www.marketwatch.com/story/brace-for-4-gas-again-how-u-s-iran-tensions-are-threatening-to-end-the-price-break-at-the-pump-343a76e1?mod=mw_rss_topstories) — that headline matters more than inflation being cool. Yes, inflation slowed to 3.5% in June and banks crushed earnings. But that inflation print assumed energy stays stable. Energy doesn't. The Hormuz deterioration I flagged (https://www.cnbc.com) is now bleeding into consumer gas prices.

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