Brian Jacobsen and Sarah Foster preview next week’s Fed meeting. Sarah isn’t sure whether the latest CPI report is good or bad news because of the conflict with Iran. She notes that before the war, we were already in a difficult place for inflation. Brian points out how many industries rely on the Strait of Hormuz, including fertilizer, but sees the conflict as a “temporary detour” for inflation levels. The Fed prefers to look at the PCE report to measure inflation, and they discuss how that changes the outlook and whether they might cut rates this year.