Kevin Hassett

We built CPUs for humans in the past.

We need CPUs for agents, agentic systems.

The properties are different.

Why would the old CPUs be the same?

We track inventories every day.

We started out with billions, billions of barrels of private and government inventories, and we still are in the billions.

And so there's plenty of runway, but also there's a lot of pressure on Iran to finally agree to the president's terms.

At the Fed, we are, of course, human and thus imperfect.

When we make mistakes, we acknowledge them and change course.

What the public has every right to expect is that we will make our decisions based only on our best economic analysis of what would most benefit the people we serve.

We do not take into account the fortunes of any political party or politician in making those decisions.

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We track inventories every day.

We started out with billions, billions of barrels of private and government inventories, and we still are in the billions.

And so there's plenty of runway, but also there's a lot of pressure on Iran to finally agree to the president's terms.

I expect that the way to think about it is when we get the straits open, and now there is actually a lot more traffic going through the straits than there was two weeks ago.

When you get the straits open, then it's about 30%.

300 nautical miles per day for one of those big tankers.

And so the people in Pakistan and India that have refineries that are mostly shut down are going to get their oil, they'll turn the refineries up, and then refined product prices will go down globally.

Elf ears.