A Third Shock to an Already Fragile System Federal Reserve Chair Jerome Powell has now openly acknowledged what seasoned market observers have been tracking: the U.S. economy is being hit by a third major supply shock in just a few years. First came the pandemic. Then tariffs and trade distortions. Now—an energy supply shock tied to Middle East conflict. Oil prices have surged dramatically, with West Texas Intermediate jumping from the $60–$70 range to over $100 per barrel in a matter of weeks. Brent crude is pushing toward $120. At the consumer level, gas prices have spiked 34% in a single month, climbing from $2.98 to $3.99 per gallon. Powell’s response? “No one knows how big it will be.” That…
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