Even With Hormuz Reopened, I Still See The S&P 500 At 6,100

Inflation is expected to remain front and center through the first half of the year, keeping price pressures and policy focus elevated. Oil flows tied to transit through the Strait of Hormuz will take months to normalize after resumption, delaying supply relief and likely sustaining upward pressure on energy prices and inflation expectations.

Analysis

Inflation is expected to remain front and center through the first half of the year, keeping price pressures and policy focus elevated. Oil flows tied to transit through the Strait of Hormuz will take months to normalize after resumption, delaying supply relief and likely sustaining upward pressure on energy prices and inflation expectations.