MACRO WEEKLY | The Fed Meets Today With Ten Ships in the Strait

Hormuz traffic is down 95%. War-risk premiums have gone up forty-fold.

Hormuz traffic is down 95%. War-risk premiums have gone up forty-fold. Crude round-tripped a hundred dollars in two sessions. The FOMC has to classify all of it by tomorrow afternoon.

By Dorian

This piece was written on the morning the Federal Open Market Committee convened, and it is about a gap.

One set of numbers says the oil crisis is easing: Brent off…