Investors spent much of the past few years waiting for inflation to return to normal. A renewed energy shock could complicate that story.

The pressure is increasingly moving beyond crude oil. Diesel plays a critical role across freight, agriculture, manufacturing and logistics, meaning higher prices can spread through the economy long after the initial energy shock.

With the Federal Reserve raising rates again as inflation remains elevated, markets may need to reconsider how quickly monetary policy can become more supportive.

This week’s Weekly Wrap examines the changing inflation outlook, what it could mean for interest rates and asset prices, and why dramatically cheaper AI could create a very different kind of technology boom.