Catherine Rampell

takes a little bit longer for some of that energy shock to work its way down the supply chain.

They're dealing with those higher plastic packaging costs.

And so, yeah, that's going to work its way through the system that you do normally see the PPI numbers

shift a little bit earlier relative, you know, when there's like a big shock than the CPI number.

So the producer's prices versus the consumer's prices, that totally makes sense.

And that is concerning.

And again, it's hard to know how long or how disruptive this Strait of Hormuz situation is going to be.

There are a bunch of circumstances where it looks like

People are being a little optimistic about... I think people are being a lot optimistic.

Yeah, about how quickly things will resolve themselves.

And there have been a bunch of like energy CEOs who have basically said, you know...

I'm not sure markets have fully priced in how much more expensive things are going to get or how much longer this disruption is going to be.

And exactly, it's that optimism, which I don't entirely understand because, again,

I feel like I hear these conspiracy theories about, oh, like companies are just trying to support Donald Trump and that's why they have these forecasts that seem optimistic or that's why oil futures prices aren't higher than they are.

And it's like, no, that's not how they work.

They're trying to make money.

You know, all of these traders are trying to make money.

If there is an arbitrage opportunity to be made because everybody else is like, you know, trying to make Donald Trump look good and you have the opportunity to make money, you're gonna make the money.

So I don't think it's about that.

It's animal spirits, I guess, is the best way to characterize it.