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If you had no idea what "operation Freedom" was, you can't be blamed, neither did I. Like so many things, I have only learned about it as it has been wound down, with the operation referring to the US Navy's effort to get Oil tankers out of the Strait of Hormuz. This effort seems to have extracted around 5 tankers in the space of the last week, compared to the 247 that transited the week before the war's start. 

Despite this, US data continues to hold up well, with manufacturing PMI data yesterday showing a still expanding industrial base, despite the price of energy. JOLTS jobs data suggested a still strong rate of hiring too, suggesting that the US juggernaut can still simply stride through this current patch of turbulence. 

  
How long this can last is the major question, with some analysts saying that if nothing changes by June data will fall off a cliff. Perhaps, $100 per barrel for Oil will eventually wear down the American economy and Trump seems keen to avoid that. 

Markets Today

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Today's Economic Calendar

No major releases today