In this episode, recorded on Friday, January 16, we examine the inflation outlook and the growing influence of geopolitics on financial markets. A superficially benign headline CPI reading obscures a firmer underlying inflationary trend that is likely to assert itself later in the year. Other inflation gauges are already running hotter, raising questions about whether the CPI is understating price pressures. We also consider the economic drag from the resumption of student loan payments, the withdrawal of health care subsidies, the inflationary impulse from tariffs, and recent developments in Venezuela. Taken together, these forces point to a more challenging backdrop for equity markets in the months ahead.