El Niño is back and shaping up to be the most powerful on record.

The US Climate Prediction Center declared in June that the cyclical climate phenomenon had returned. It begins when the atmosphere reacts to warming across the equatorial Pacific Ocean. As it unfolds, it reshapes weather patterns across the globe. Heat and drought can intensify in some regions, while rainfall and flooding increase in others. The resulting disruption to crop and energy markets risks pushing up inflation and slowing economic growth.