Economist Mohamed El-Erian says the US economic survival is not enough to avoid the pain of future hardship

Economist Mohamed El-Erian warns that despite America’s relative economic strengths, the U.S. is not immune to the inflationary and growth pressures from the Iran war. Higher energy and borrowing costs are likely to push up consumer prices and feed through to goods and services, keeping inflation sticky (CPI +3.3% year to March). The piece highlights hedging strategies — notably gold, real estate and alternative assets — noting gold has surged ~54% year-over-year while the S&P 500 returned about 28% over the same period. El-Erian and other economists urge humility from policymakers and recommend decisive action to protect vulnerable households; investors should consider portfolio adjustments to guard against prolonged price increases and potential economic pain.