Jurrien Timmer(@TimmerFidelity):The energy complex is struggling through an echo of May’s severe supply stress. At $100/barrel, crude is probably not expensive enough to derail the US economy’s resilient growth, but we are now 6 months into a regime of supply chain bottlenecks, and those pressures are working their way through the inflation data at a time when affordability is already a massive concern. The hyperscalers are immune to rate hikes, but American homebuyers are not.🧵(1/2)

Jurrien Timmer

@TimmerFidelity

Dir. of Global Macro @Fidelity. Student of history, chart maker, cyclist, cook. Helping investors break thru the clutter. Views are mine.

Joined December 2014

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Jurrien Timmer@TimmerFidelity

2026.09.22 17:28

The energy complex is struggling through an echo of May’s severe supply stress. At $100/barrel, crude is probably not expensive enough to derail the US economy’s resilient growth, but we are now 6 months into a regime of supply chain bottlenecks, and those pressures are working their way through the inflation data at a time when affordability is already a massive concern. The hyperscalers are immune to rate hikes, but American homebuyers are not.🧵(1/2)