TRA Macro Tracking Index

A ceasefire is in place, and markets are happy. Yields are down, as is the dollar, with the price of oil also falling. This is of course all on paper. Apart from an opening of the Strait (which was open before the conflict) and a 10 day ceasefire (which we've seen before), expectations are that things may resume once again. That being said, there is still a supply disruption of between 10% and 15% of world oil needs, with infrastructure damage, all of which could result in a slower than anticipated recovery.

Have a great weekend, and stay tuned next week!