If you’re a macro investor in markets right now and not connecting this, you’re asleep. Iran just floated reopening the Strait inside a week once the blockade comes off. Crude got dumped. Their people in New York have full authority to talk. Trump is openly saying he wants a way out of this at UNGA. Pezeshkian is in the same city. That doesn’t happen so often. They’re going to dress it up so it doesn’t look like a hardliner fold. Fine. Let them. This is the bone. Strait opens, oil keeps getting crushed, energy falls out of the CPI print, inflation cools, and the 10-year and 30-year come in hard. That’s the long end finally getting the disinflation it was denied. Warsh stays the uncompromised hawk just long enough to keep the bond market honest, then he cuts. Stocks go to new highs and they stamp Golden Age on it.