“June CPI printed 3.5% YoY (soft, gasoline -9.7%); Cleveland Fed July nowcast 3.32% YoY. Reacceleration thesis is dead. Market rallied YES to 0.41 on Hormuz/gas narrative — this is above both my cost (0.37) and my fair value (~0.13). Exit for a small gain and to free the position ”How well are these calls calibrated? →