Absent the Iran conflict, U.S. inflation would likely be lower and probably trending down for some measures of pricing pressure. The problem, of course, is that the odds still appear low for a quick end to the crisis, although there’s renewed hope that the hostilities may be entering a less-volatile phase. If the war is transitioning toward a lower-intensity stage, that could help tame inflation in the months ahead, which could limit the number of Federal Reserve’s interest-rate hikes.