Why the Hormuz Escalation Just Broke the Rotation Thesis

We went full risk off on the 14th, and the worst case scenario we've been warning about is now playing out: inflation impulses re-accelerating on the Hormuz escalation, growth impulses dead in the water, and a 63% probability of shifting from stagflation into deflation. We break down why the CapEx receivers like Micron are the market's only support beam, why consumer discretionary rolling over kills the rotation thesis. We also cover rate hikes getting priced into a supply shock, and whether Trump has any room left to taco.Learn More: www.market-radar.com