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Sep 20, 2026
The Fed can raise rates, but it cannot reopen the Strait of Hormuz.
Sep 16, 2026
It only takes one low-cost attack to damage trillions.
Sep 16, 2026
Why the world is running out of maritime chokepoints
Aug 03, 2026
The BOJ signals hikes it can't deliver while defending the yen. OPEC+ stops even pretending to defend a floor.
Jul 28, 2026
ZMACRO JULY 28, 2026 Oil · Shipping · Monetary Policy The Fed Meets Today With Ten Ships in the Strait Hormuz traffic is down 95%. War-risk premiums have gone up forty-fold. Crude round-tripped a hundred dollars in two s
Jul 25, 2026
The market priced the ceasefire as an ending. It was a pause between three chokepoints failing one after another — and the refining system never got the chance to rebuild what the first shock took.
Jul 20, 2026
Markets ended the week under pressure from two shocks that affect valuation through different channels.
May 27, 2026
The actuarial mechanics that closed the strait before Iran could