"The big recent changes are the war causing spikes in diesel, fertilizer, and chemical prices," Jeffrey Dorfman explained, highlighting the direct impact of the conflict on agricultural costs.
Major indices, including the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average, all recorded gains, with the Nasdaq delivering its strongest weekly performance since November.
Low- and middle-income families and small businesses accounted for well over half of the U.S. population, yet they paid a disproportionate share of their incomes to the government due to IEEPA tariffs.
After 40 days of fighting, the United States and Iran agreed to a two-week ceasefire, with negotiations expected to begin in Islamabad. One key point in Iran's proposal is allowing shipping to resume through the Strait of Hormuz, which has been closed since the war began, causing global oil prices to soar.
The pricing of 10-year inflation-protected Treasuries implies inflation of 2.34% over the next decade, up only slightly from 2.25% pre-war. In other words, only about a fifth of the rise in the 10-year yield this month is accounted for by investors anticipating higher inflation.
The so-called 'petrodollar' system wasn't well understood for most of this time, but a secret deal between Henry Kissinger and Saudi Arabia ensured the dollar would remain the dominant reserve currency.
The provisions of the Bahrain-led resolution had been repeatedly pared down in an effort to convince Russia and China to abstain from voting, an effort that ultimately failed as the two nations refused to back down in Tuesday's vote.
