What If The Strait Of Hormuz Never Fully Reopens

One bank says it is increasingly likely that Hormuz never fully reopens and that the debate needs to shift to shape of "new normal" - in that world, tank bottoms would be reached in October (in the US) or December (globally).



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Nobody In Control

There is roughly $100 billion of leveraged exposure tied to semis and hardware-linked equities. Convexity works both ways.