Speaker 1
The most important thing is to figure out the throughline of what is happening.
Speaker 1
This is a fraught but intense moment because nobody can predict what will happen on the ground in the Middle East conflict.
How long that lasts?
Speaker 3
Speaker 1
If the conflict issues are resolved without permanent impact on gasoline and energy prices, that would be favorable.
Speaker 1
If the conflict extends and energy price increases drift into inflation expectations, we would see rising long-term interest rates as compensation.