From the expectation of interest rate cuts in March to the expectation of rate hikes in June, the key variable is actually oil prices. As the Strait of Hormuz resumes navigation, the downward pressure on oil prices will be re-released. In three months, the market's expectation of 'no rate cuts' is very likely to reverse again. The connectivity of macro logic often lies between these geopolitical switches. 📈 #美联储 # Oil prices #Macroeconomics