Mark Zandi in the news as Moody's Analytics chief economist weighing macro, policy, and energy shock fallout on rates and growth. PhD, steers big-picture outlook.
The White House has confirmed it is considering a temporary waiver of the Jones Act — the 1920 law that requires domestic shipping to use U.S.-built, -owned and -crewed vessels — to allow foreign-flagged ships to move energy and agricultural cargo between U.S. ports as oil prices and cargo disruptions are rising.
Since late February 2026, the US-Israel war on Iran has severely damaged Persian Gulf energy infrastructure, including Qatar's Ras Laffan LNG terminal. Iran's blockade of the Strait of Hormuz and attacks on oil and gas facilities have caused the largest global oil supply disruption ever, pushing prices above $100 a barrel and threatening long-term economic impacts worldwide.
Oil prices remain elevated amid ongoing Iran‑related disruption, while markets price in a potential ceasefire. Banks warn long‑run inflation could drift lower on AI‑driven disinflation, but near‑term pressures keep the Fed and other central banks in a tighter stance. Investors are reassessing energy supply risk and policy outlook.
Developing signals around an AI-driven market rally point to a late-cycle melt-up risk, with indicators suggesting momentum could cool as funding and demand tighten. Investors monitor signs of a potential correction amid a still-lofty market backdrop.