Trump is considering banning diesel exports, all to push down oil prices. Once this move is made, the global energy landscape will have to shake up again—diesel shortage expectations will be pushed to the limit. In the short term, inflation expectations may ease, but supply-chain costs will actually need to rise. The Fed’s rate-cut path becomes even more convoluted—risk assets will continue to look at the Fed’s mood, and BTC is still being driven by macro factors.

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