The Strait of Hormuz is just one of many choke points being squeezed right now, says Jeff Currie

• Crude oil prices are dismissed as 'noise'; product prices (diesel, gasoline) are the real 'signals' for affordability and CPI.
• Global choke points like the Strait of Hormuz, China's reduced product exports, and Russian refinery issues are creating significant bottlenecks for fuel products.
• Weather-driven events (Red Sea, Rhine River, Panama Canal) are further exacerbating supply constraints for various commodities.
• These bottlenecks are leading to higher product prices, contributing to inflation, and making the Fed's rate hikes problematic for affordability.

Jeff Currie argues that crude oil prices are 'noise,' and product prices (diesel, gasoline) are the true 'signals' for inflation and affordability. He highlights numerous global 'choke points' for fuel products, including the Strait of Hormuz, China's reduced exports, Russian refinery issues, and weather-related disruptions, which are driving up product costs despite falling crude prices. This situation points to significant inflationary pressures and economic challenges.