When we talk about what's driving inflation these days, most people zero in on tariffs. But that's just part of the picture—and honestly, not even the biggest part. There's way more going on beneath the surface.

Take healthcare costs, for example. Medical expenses have been climbing at a pace that makes everything else look tame. It's one of those structural pressures that doesn't grab headlines the way trade wars do, but it quietly works into prices everywhere. Factor in housing, energy, and supply chain frictions, and you're looking at a much more complex inflationary environment than tariffs alone can explain.

This matters for anyone watching markets. When inflation gets locked into expectations, central banks end up stuck between a rock and a hard place. They can't just dial back one policy lever and solve it all. Understanding these layered pressures helps make sense of where rates might head—and that has real implications for assets across the board.