Euro area reaction and gas dynamics

Nora Szentivanyi is joined by Raphael Brun-Aguerre, Michael Hanson and Allan Monks to discuss global inflation developments heading into the Iran conflict; the first-order impact of higher oil prices on headline CPI inflation; the likelihood and magnitude of second-order effects on core inflation and inflation expectations; and how central banks are likely to react to the shock.

This podcast was recorded on March 12, 2026.

This communication is provided for information purposes only.  Institutional clients can view the related reports at

https://www.jpmm.com/research/content/GPS-5216250-0

https://www.jpmm.com/research/content/GPS-5232201-0

https://www.jpmm.com/research/content/GPS-5222819-0

https://www.jpmm.com/research/content/GPS-5222602-0

https://www.jpmm.com/research/content/GPS-5223806-0

https://www.jpmm.com/research/content/GPS-5229672-0

for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.