Kevin Hassett

I think that right now what's going to happen, right, is that the variability in the data will be apparent to folks.

And so what's going to happen, I think, is that there'll be some anxiety that another number like this or two or three numbers like this is ahead for us.

But we really don't believe that because, as you and I have discussed, like every other indicator is consistent with very strong GDP growth right now.

And so this really is an outlier number.

Well, our expectation is that we've got our eyes on the horizon, that we know that sometime soon we're going to have a much more stable Venezuela with high stable energy output, a much more stable Iran with high and stable energy output, which is going to be very good not only for energy markets, but for risk premia around the world.

Don't forget that this move against Iran is happening because they've promised to destroy us all.

If that's not something that affects risk preview, I don't know what is.

And so I think with an eye on horizon, then you can see that this is a huge positive for the global economy and global markets.

The question is, when will the current near-term disruption end?

And that's something that'll be decided by the military.

And there, of course, will be some uncertainty about when they decide to move, in part because the uncertainty protects the lives of American soldiers.

But we expect that it'll be resolved quite soon.

Oh, sure.

The sanction waiver that Secretary Besant came out with is just one of many, many tools that we have ready.

We've got a whole flowchart of tools to use, depending on this or that, and we're ready to move them as soon as we have to, but we're also very optimistic that we're going to be able to get this near-term problem resolved relatively quickly.

You know, there is no conversation right now to dip into that, but we've got something like 400 million barrels ready to go if needed.

But there is, I re-emphasize that there has not been a conversation to dip into that yet because our expectation is that this effort in Iran is way ahead of schedule and that we understand that there are near-term market fluctuations, but we have our eyes on the horizon and we think that's where people should be looking to.

Kevin, you say ahead of schedule.

Is there a schedule?

Yes, but obviously we're not going to go through the schedule on TV.