Hands down one of the greatest dark memes I’ve seen in my entire career. I know folks on the commodity desk already knows how this math works, but just for the broader timeline and the math-challenged folks out there... The Taylor Rule is traditionally used to calculate a central bank’s optimal policy rate:  i = r* + p* + 1.5(p - p*) + 0.5(y - y*) (i = nominal rate, r* = neutral rate, p* = 2% target, p - p* = inflation gap, y - y* = output gap). Dr. Ghalibaf basically jammed two brand new variables into this classic framework, the Strait of Hormuz and the Bab-el-Mandeb. He's flexing that global CPI and terminal rates are dictated by their maritime choke points... Honestly crown the man Meme King already. And the wild part? He’s not even lying. Does today's Fed decision even matter in the grand scheme? Give it a few days, and we’ll all be recalibrating the next FOMC print purely around energy prices—which ironically are being priced by Tehran and the Houthis. The guy isn't wrong. Welcome to the new macro regime. #oott# #iran#