Why the Hormuz Escalation Just Broke the Rotation Thesis

<p>We went full risk off on the 14th, and the worst case scenario we&#39;ve been warning about is now playing out: inflation impulses re-accelerating on the Hormuz escalation, growth impulses dead in the water, and a 63% probability of shifting from stagflation into deflation. We break down why the CapEx receivers like Micron are the market&#39;s only support beam, why consumer discretionary rolling over kills the rotation thesis. We also cover rate hikes getting priced into a supply shock, and whether Trump has any room left to taco.Learn More: www.market-radar.com</p>