It has been popular the last couple of days to say that the IRGC is setting fed policy. But there is other data in the economy which is not explained by an oil shock. Bank of America shows its lower/ and middle-income customers' wage growth accelerating since the beginning of the year back to 4% or higher. Nominal retail sales control group, which excludes gas stations, nearly tripled its estimate. Corporate profits are up 22% year-over-year. There is more going on than Hormuz disruption.