Brian Szytel reports another broad market decline (Dow -316, S&P 500 -0.5%, Nasdaq -0.7%) alongside a sharp oil rally (WTI ~+7% to $102; Brent $107), with oil up about 20% over the past week and a half amid Middle East tensions and threats to key Red Sea chokepoints including the Bab el-Mandeb Strait. Markets are focused on CPI ahead of next week’s FOMC meeting, with discussion of a roughly 70% chance of a rate hike and political pressure from upcoming midterms; he frames possible policy levels using core PCE (3.3%) and current fed funds (3.50–3.75%). He cautions against trading headlines and says rate moves are being sensationalized versus 2000. He also discusses tariffs as generally inferior to free markets, often retaliatory and effectively a consumption tax, but sometimes justified for national security or to counter unfair foreign policies. PPI and jobless claims were benign and in line.Links mentioned in this episode:DividendCafe.comTheBahnsenGroup.com