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On two stubborn market indicators with broad influence: 1. Brent above $100 , even with Strait of Hormuz flows nearly back to pre-war levels. The important comments by Aramco’s CEO provide part of the explanation: massive drawdowns have left both corporate and sovereign inventories "scarily thin," and restocking will take significant time. 2. 10-year US Treasury yield at 5.30% despite last week's cooling data and dovish Fedspeak (CNBC chart). This reflects the importance of the structural supply/demand mismatch I've been harping on: surging long-end issuance and some retreat in traditionally reliable buyers. #economy #markets #oil #energy #bonds #yields