Iran's direct missile and drone attack on Israel triggered a brief oil spike and equity selloff, but markets recovered within days once escalation did not materialise. The episode established the pattern: geopolitical relief rallies in equities are rapid but shallow when ceasefire durability is uncertain, and oil volatility persists longer than equity volatility.

Russia's invasion of Ukraine produced a sustained oil and energy price shock that kept headline CPI elevated for over a year, validating the channel Kashkari now cites: geopolitical conflict sustaining energy prices narrows the Fed's easing path. That episode also demonstrated that energy-driven inflation compounds services inflation rather than substituting for it.

The Time Warner Cable and CBS carriage dispute, followed by years of media M&A, showed that conglomerate structures in legacy media consistently trade at discounts to sum-of-parts. Comcast's NBCUniversal acquisition in 2011 was the last major integration; the spin-off announcement follows the same valuation logic that has driven every subsequent media disaggregation.