Anna Swanson

Sure.

So obviously, the news from today on the Strait of Hormuz,

reopening and the potential for a peace deal is undoubtedly really good news.

I mean, we're seeing markets just surge on this news.

Of course, there's not a lot of nuance sometimes in the way that investors react.

It's a big sigh of relief, right?

But ultimately, as you said, it's just going to take time for things to normalize.

We heard from a lot of different finance ministers who were in Washington this week for meetings of the IMF and World Bank

talking about how even if the war were to cease immediately and everybody shakes hands and it will take weeks, if not months, before normal operations resume, you need to get tankers back to the straight.

And it looks like from reports that we're seeing that people are already scrambling on this news, but it just takes time logistically to get things back to where they were.

So we saw this big impact on prices.

That's easing somewhat

But it's going to take weeks and maybe months for all the kinks to to work out.

Right.

Well, I think it's interesting that in the past few days, I mean, you have heard more sort of

cautionary, more of a cautionary tone from some of them.

New York Fed President John Williams yesterday said that it makes sense that the Fed isn't giving a lot of guidance on where rates

are headed.

The Fed always responds slowly to these kinds of things.

If markets are immediately doing a U-turn today, the Fed is like the opposite.