Hi Reader, Last week I said the whole week came down to Tuesday's CPI and Warsh. The number came in soft, Warsh stayed hawkish anyway, and then the war took over and made it pointless. The truce is dead, oil is back up, and the Fed is stuck. Let's get into it. Macro This Time We Blockaded the Coast The truce that held through early July is done. Monday Trump named the US the guardian of the Strait of Hormuz and put a 20% levy on everything moving through it. Tuesday the Navy went further and...