JPMorgan doubles down on 2026 outlook: Global growth rebounds to 2.5% while sticky inflation persists from Hormuz shock. No Fed rate cuts expected this year.

"We've got inflation that's too high, and it's been too high for the past five years," Beth Hammack told CNBC's Sara Eisen.

High gas prices pushed annual inflation to the highest level in three years, according to May data released by the Commerce Department on Thursday.

Inflation continued to rise in May, with the Personal Consumption Expenditures price index rising at an annual rate of 4.1%.

Inflation is rising — but U.S. consumers seem to be shrugging it off, for now. Limited time: Save 25% on NBC News subscription Get exclusive reporting, live Q&As and ad-free reading. A key measure of price growth accelerated in May as surging oil prices pushed costs higher.

Inflation fell to 2.8% in June, increasing the likelihood that the European Central Bank will hold rates steady later this month.

Kraft Heinz (KHC) walked away from a planned corporate breakup in February and redirected that energy into a $600 million investment in its own brands. That decision rests on one specific assumption: that the worst of commodity inflation was already behind the company.

Speculators on the prediction market platform give less than 30% odds to inflation peaking above 4.2% in 2026.