Summary

• Prospects for timely resolution of Strait of Hormuz issues appear bleak.
• Ten-year Treasury yields rose five bps to 4.30%, outperforming other vulnerable bond markets.
• Myriad inflationary issues have significantly worsened over recent years, having become deeply embedded in market, financial and economic structures.
• Over the past few years, the thesis that the Fed's balance sheet dictates marketplace liquidity, asset inflation and wealth distribution has completely broken down.

Prospects for timely resolution of Strait of Hormuz issues appear bleak. WTI crude surged $10.55, or 12.6%, this week to $94.40. The Bloomberg Commodities Index's 3.5% rally boosted 2026 gains to 24%. Ten-year Treasury yields rose five bps to 4.30%, outperforming other

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