Michael Every(@TheMichaelEvery):We have seen a structural power shift, yes. I fully agree that the only way to lower inflation now is to lower energy (and other commodity) prices … which demands winning physical control of them, and often the hard way. The recent joke is that rates strategists have had to become oil strategists… and I add, ‘who have to become military strategists.’ Central banks are not so central anymore…

2026.09.17 21:16

We have seen a structural power shift, yes. I fully agree that the only way to lower inflation now is to lower energy (and other commodity) prices … which demands winning physical control of them, and often the hard way. The recent joke is that rates strategists have had to become oil strategists… and I add, ‘who have to become military strategists.’ Central banks are not so central anymore…

Luke Gromen@LukeGromen

2026.09.17 14:53

If Warsh is going to demonstrate a willingness to raise rates into an oil supply shock, do not be surprised when Iran makes oil-related infrastructure go *boom* in the lead-up to every Fed meeting from here on out.