This is Macro Voices, the free weekly financial podcast targeting professional finance,

high net worth individuals, family offices, and other sophisticated investors.

Macrovoices is all about the brightest minds in the world of finance

and macroeconomics telling it like it is, bullish or bearish, no holds barred. Now, here are

your hosts, Eric Townsend and Patrick Suresna. Macrovoices episode 528 was produced on April 16th,

2026. I'm Eric Townsend. We've got another Macro Voices episode 528 was produced on April 16th, 2026. I'm Eric Townsend.

We've got another Macrovoices double header lined up for you this week. Forrest for the Trees founder Luke Gromondon returns as this week's feature interview guest.

Luke and I will discuss the Iran crisis, its knock-on effects and what it will mean for inflation looking ahead.

Luke's interview was recorded on Monday afternoon, and since the time of that recording,

there's been quite a bit of news flow.

The market seems to be celebrating an all-clear signal that the Iran crisis is finally over.

But hold on.

Commodity context founder, Rory Johnston, will be joining me for a second Iran update interview recorded late Wednesday afternoon, and Rory says it ain't over till it's over.

While markets are clearly celebrating the perception of a final resolution, Rory will explain that while quite a few smaller ships have transited the strait, no VLCCs have passed since Saturday before the peace talks collapsed.

Then be sure to stay tuned for our postgame segment when Patrick's trade of the week will look at how to position in bonds for both near-term inflation risk and potential growth slowdown,

using a structured options trade to navigate that sequence.

And then we'll have our usual coverage of all the markets with Patrick's post-game chart deck.

And I'm Patrick Suresno with the macro scoreboard week over week as of the close of Wednesday,

April 15th, 20206.

The S&P 500 index up 355 basis points, training at 7,023.

An impressive short squeeze to the upside on the markets.

We'll take a closer look at that chart and the key technical levels to watch in the postgame segment.

...