With the Strait of Hormuz shut again, US crude inventories at a 45-year low and just 43 days of supply on hand, the market’s inflation complacency looks increasingly exposed.
Investors have nevertheless cut their year-end oil-price assumption to $71/bbl from $86/bbl.
For Hartnett (Bank of America's Chief Investment Strategist), the cleanest hedge against a **“surprise”** FED hike before the November midterms is long the US dollar.
[](https://substackcdn.com/image/fetch/$s_!GWKg!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5cc3443b-95d9-4d44-a8ff-c78a006ca151_864x628.jpeg)Everything is fine, Jesus will return to us, and say:
>Don't worry, my children, now I can turn water into oil.
And just like that, out of nowhere, we'll have oil again.
Believe it or not, calls.
