🔴 [E1035] Raoul & Julien don't see any inflation coming and don't think the Fed would raise rates into a supply shock.

🟡 [E1030] Raoul & Julien view this as a VAR shock only, don't see inflation coming, and are happy if Iran resolves quickly. They don't think the Fed would raise rates into a supply shock.

🔴 [E1812] Raoul & Julien don't think the Fed would raise rates into a supply shock.