Energy is hitting new all-time highs.

This is exactly why cycles matter.

Leadership changes as the business cycle evolves, and late-cycle energy strength can have consequences far beyond energy itself:

Higher energy → inflation pressure → tighter monetary policy → pressure on long-duration assets.#BankOfAmericaGroupPilotsUSBDCStablecoin #USStrikesTargetsNearHormuzAndJask #ChinaAugustCPIRises0.8%YoY