Courtney Brown

We see those at the gas pump, if you're pumping gas or diesel.

But then there are all these other effects that I think everyone is now really having to reckon with, the fact that transportation costs are going to go up, capital costs for businesses are going to go up, fertilizer is going to be more expensive.

Consumer spending is bound to be impacted by all of this, and we're going to see kind of broader supply chain issues.

So I think that there is, if not a reckoning at this point, a recognition of the fact that this duration variable is really something that's going to be squishier and squishier as all of this goes on, and that that's bound to have this adverse effect on markets and on all of us.

Yeah, that's right.

Letters at marketplace.org.

Yes, he is right.

But I don't think that we've seen the end of this story.

So maybe he thought that in the near term.

But again, I think as people get a grasp of sort of what's happening here and the kind of displacement that's taking place, we're bound to see more of a reaction than maybe he is kind of cheerfully acknowledging there in those comments.

Look, I think we saw from a handful of policymakers over the course of this week all around the world, them reckoning with the fact that this is not a war that's going to be measured in weeks or

despite what the Secretary of State said today when he was in Europe, it does feel like this is going to last a lot longer.

And so those policymakers are having to make preparations for living in a world in which oil is above $100 a barrel going forward and all the ramifications that that's going to have.

Yeah.

For me, I think it's indicators of consumer behavior, how they're feeling about this.

We got an indication of that today from the University of Michigan survey.

That sentence slid to a three-month low, and we saw expectations for inflation rising among those who were surveyed.

I think those data points, both soft and hard data points, are going to tell us how this is resonating and affecting American folks around the world.

Thank you.

I started with the proposition that there must be some aspect of our big, broad economy that isn't suffering from all this tumult.