Trump's strikes on Iran are dragging down the world economy, which is bad news for anyone who buys things, invests, or wants stable prices.

• The IMF now expects global growth to slow next year while inflation climbs, meaning prices are rising faster than the economy is growing.
• The Iran conflict blocked shipping through a key oil route for months, pushing energy and consumer prices higher worldwide.
• With inflation spiking, the Fed is leaning toward holding or even raising interest rates, which makes borrowing more expensive for everyone.
• For many people wages aren't keeping up with costs, and a growing share say they can't afford to have kids.
• Political chaos adds to the unease — Trump's rambling public appearances, a missing Mitch McConnell, and messy Senate races in Kentucky and Maine.

Outlook: Expect slower growth and stubborn inflation into next year, with the Fed unlikely to cut rates and everyday costs staying high.