Fed Stagflation Bind

FOMC March 18-19 will hold. Futures now pricing 40% chance of zero cuts in 2026 (was 2+ cuts expected pre-war). GDP Q4 revised to 0.7%, Michigan sentiment 55.5, gas +21% in 2 weeks. Fed cannot cut (inflation accelerating from oil shock) or hike (growth cracking). Higher-for-longer confirmed through at least Q2. Powell press conference Wednesday is the critical catalyst to watch.