Every so often we witness a strange disconnect between central banks’ statements and reality. The reason for this is typically that central banks decide they are committed to tightening or easing interest rates, but are then confronted with a sudden event that upends their plans. With shipping volumes through the Red Sea and the Suez Canal cratering, we are now at one of those moments.
Iran-backed Houthi rebels in Yemen have taken it upon themselves to enact an effective naval blockade in the Red Sea as a protest against the Israeli war in
