I asked a trader friend what he made of the repeated use of the word “temporary” by Trump officials. He laughed: “Temporary compared to what?” Fair point. Washington manages the narrative but the market manages the shortage. And it is the shortage that ultimately moves the price of diesel. Chevron CEO made a similar point…

Back from a trip. Back to the home office. “No proper office ah?” Heard that one plenty of times. Truth is I have been working from home for years long before it was fashionable and long before it needed an excuse. No traffic, no wasted hours getting anywhere, and when a client in New York…