Individual factors alone—delayed tariff pass-through, tightening labor supply, looser fiscal policy, and accommodative financial conditions—would each nudge inflation higher on their own. But when you stack them together? That's where things get interesting. We're looking at inflation potentially breaking above 4% by the end of 2026, and honestly, that scenario isn't just plausible anymore. It's arguably the base case. For crypto markets and portfolio managers, this kind of macro backdrop matters. Higher inflation usually reshapes how capital flows across asset classes, which is worth keeping on your radar.