Macro Strategy Insights

Waiting for Hormuz

Sunday night is opening relatively uneventful, at least compared to last Sunday night. In Waiting for Godot, the mysterious Godot never shows up. The Strait of Hormuz needs to open. We do not have the luxury of “waiting” for it to open. Not saying tomorrow (which is why markets are calm), but by the end of next week, unless meaningful progress has been made, it will weigh on markets more and more. Progress is our base case, but not our only case, as we outlined in Saturday’s Waiting For Markets to Open. Increasingly the patience with “waiting” seems to be ... Waiting for Hormuz

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