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But we saved everything 🙂.
Brent crude fell below $110 after the market shifted to a new front-month futures contract. Robin Brooks explained that a similar decline occurred in early April when the front-month future rolled over, adding that markets price in less stress when contract duration increases.
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Robin Brooks previously described how a spike in the VIX linked to S&P 500 options and AI debt concerns was relatively minor. He also noted that Persian Gulf oil exports had returned to normal, with price increases driven by higher shipping costs. Both developments reflect his focus on specific market shifts impacting asset prices.