Climate/weather as a structural macro-inflation and growth-drag vector: Deutsche Bank frames a US El Niño weather cycle (flooding/droughts/temperature swings) as an inflationary supply shock, while Bloomberg/ING frame Europe's status as fastest-warming continent as a growth drag requiring ~EUR70bn/yr adaptation spend through 2050. Mechanism: recurrent weather disruption raises the food/energy-inflation floor and imposes a fiscal-adaptation cost; bears on broader CPI risk with a secondary ZC/ZW crop-supply channel. Structural/slow-burn — no clean asymmetric catalyst yet.