Self explanatory chart: Markets are showing all out confusion via the deflation and inflation scenarios. When Stagflation was just delayed ala massive oil releases and paradoxically the 2023 bank bailouts. Oil is reaching its $94 resistance a 12 month high. Blowing away Central Bank so called interest rate hikes of 2022 and 2023. The Fed should have been over 6% by now. Stagflation denial won't cut the mustard.