BlackRock warns of energy shock as May CPI is set to show acceleration in inflation

Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email BlackRock warns of energy shock as May CPI is set to show acceleration in inflation BlackRock is closely watching Wednesday s CPI as an early test of how U.S.-Iran tensions are feeding into already elevated prices in the economy. By Omkar Godbole | Edited by Stephen Alpher Jun 9, 2026, 12:58 p.m. 2 min read Make preferred on BlackRock is closely watching U.S. CPI. (Markus Winkler/Unsplash) What to know : BlackRock is focused on Wednesday’s May U.S. inflation report as an early test of how the U.S.-Iran conflict and related energy shock are feeding into already sticky prices. Economists expect the consumer price index to rise 4.2 percent year-over-year, the fastest pace since April 2023 and well above the Federal Reserve’s 2 percent target, raising the odds of further interest rate hikes. Higher-for-longer borrowing costs could deepen bearish pressure on cryptocurrencies, including bitcoin, while a prolonged closure of the Strait of Hormuz risks driving an even sharper energy-driven inflation spike as U.S. oil inventories near four-decade lows. BlackRock is closely watching Wednesday’s May U.S. inflation report for the first clear signal of how the U.S.-Iran conflict is feeding into already sticky prices.