Friday’s U.S. CPI is expected to show the first meaningful pass-through from the Iran energy shock, with headline inflation rising mainly on higher energy costs, First Citizens Bank’s Phil Neuhart says. Core inflation is seen as more contained but still above target, suggesting the Federal Reserve will likely look through the spike and keep rates on hold, with cuts tied to energy-price normalization.

2026-04-09

Friday’s U.S. CPI is expected to show the first meaningful pass-through from the Iran energy shock, with headline inflation rising mainly on higher energy costs, First Citizens Bank’s Phil Neuhart says. Core inflation is seen as more contained but still above target, suggesting the Federal Reserve will likely look through the spike and keep rates on hold, with cuts tied to energy-price normalization.