Oil moving above $100 is not just an energy story. The bigger concern for me is the potential re-rating of inflation expectations. If higher oil prices persist, markets may start pricing a more durable inflation impulse rather than treating the move as a temporary geopolitical shock. That matters because it makes the Fed’s job harder and, more importantly, puts upward pressure on longer-dated Treasury yields. The 10Y is what I’m watching most closely. With the 10 year yield already approaching 5%, another leg higher could put pressure on equity valuations, particularly long-duration growth and technology stocks.  I remain bullish on energy, but I’m also increasingly interested in utilities and the infrastructure behind America’s power demand. AI is creating a structural need for elect

The US election is more than just the presidential election. 1/3 of the senate and the full house is up for reelection. With a trump victory, it is incredibly likely he will have the red trifecta in government and will be able to implement his policies such as tariffs and tax cuts for the wealthy. If Harris wins, she will likely have a Republican Senate at the least given the unfavourable map for Democrats and this would likely mean status quo will be maintained and we would expect gridlock in the US government. Therefore, the presidential election will have a huge impact on the results of the down ballot races and what would happen in the next 4 years.