From Citi: “The economic outlook has been taken hostage by the relentless surge in oil prices, heightening for now chances that the economic stall will continue alongside elevated inflation. The effective stance of monetary policy as transmitted through financial conditions is not conducive to accelerating inflation and a setting of low income growth creates a zero-sum problem for pricing and activity away from energy. An easing in energy price pressures would leave housing woes as the major obstacle to growth. However, the resulting lift to investor sentiment would likely hasten recovery across the board.”