in Europe, a record 400 million barrels. The move pushed down oil for about 15 minutes, which then rallied $7. The decision was unanimous, with several nations outlining their contribution, including Japan, the UK, Germany, France, and South Korea. That’s enough for only 20 days of global supply. IEA Executive Director Fatih Birol said the most important thing for the stability of energy markets remains the resumption of transit via the Strait of Hormuz, through which about 20% of the world’s seaborne oil normally flows.

from a month earlier, with the consumer price index, excluding food and energy, rising 0.2% from January. Lower prices for used cars and motor vehicle insurance helped keep inflation in check last month, despite higher costs for gasoline and groceries, including fresh vegetables and coffee. The report showed tamer housing costs, with a key metric known as rent of primary residence rising 0.1%, the least in five years, and goods prices, excluding food and energy, barely increasing.

and record long TSA lines. Expect fuel surcharges soon. Jet fuel, the second-largest expense for airlines behind labor, already jumped to as much as $4.11 a gallon in New York on March 5 from a low of $1.92 last May. Avoid all airlines for now.

Iran's wave of retaliatory attacks hit AWS facilities in the UAE and Bahrain, causing banking, payments, enterprise, and consumer services to experience outages. While the Iran war will likely not see hyperscalers walking away from existing AI infrastructure builds in the region, it could impact future investment in the case of drawn-out hostilities. Data centers were being built in the Middle East because energy was cheap and there were no local NIMBY protests.

under the weight of $2 trillion in extra borrowing demanded by the Iran War. Ten-year US Treasury bond yields have jumped 25 basis points in ten days to 4.51% since the war started. Every other class of fixed income is also selling off thanks to the private credit crisis brought to us by the likes of Blackstone (BLK) and Apollo (APO).