Andrew, Ben, and Tom discuss June CPI falling to 3.5% and core CPI to 2.6% both below expectations with the biggest month-over-month drop since May 2020, Trump proposing a 20% fee on Strait of Hormuz cargo and reinstating the blockade sending WTI to $80 and Brent to $87, Chris Waller&#x27;s hawkish pivot as Warsh builds Fed credibility, IBM&#x27;s 19% drop after warning on the quarter as clients reprioritized CapEx toward memory and cybersecurity, HCA&#x27;s 6% drop on ACA payer mix, Samsung exploring a US ADR listing after SK Hynix&#x27;s blockbuster $26.5B raise, SLB and Liberty Energy pushing into data center power, improving NFIB and Fastenal readings, and a very strong bank earnings kickoff with BAC investment banking fees up 50%. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

CPI Falls to 3.5%, Biggest Drop Since 2020 + Bank Earnings Kick Off Strong | July 14, 2026 – Morning Market Briefing

The Morning Market Briefing

Hey everybody, welcome to the Morning Market Briefing. It's Tuesday, July 14, 2026. Hope you're doing well out there. Ben, Tom, how we doing? Feeling good. Feeling strong. All right, all right. Big day. Big day. Lots going on. Let's jump in with inflation fears. Trump now proposing a 20% fee on the Hormuz traffic as he reinstitutes the blockade. Listen to a little bit of commentary on there. There seems to be a decent amount of uncertainty on how this would actually be done, how it would be applied.

Interestingly, it seems like more people wondering how it's going to get done than wondering if he can do it. But you think of the apparatus in which you would have to, I guess, board ships and see what they have and value it and slap a fee on it and collect it and all of that. The inflationistas are going to love this, though. They need some good inflation fears today.

Waller tried to, the Fed's Waller, who was actually wanting the people in the running to become the new Fed chair, was warning about potential for higher inflation. And they really want some higher inflation. I don't know if, I think, personally, this is my tinfoil hat theory. Iran is adamant that they're going to charge fees. Trump understands that. He also understands that he doesn't have the cards.

This is how he gets the leverage, is that he says, we're going to charge a 20% fee. And then when they come back in, you know, a couple weeks, well, we negotiated down to 5% fee and we're going to split it with Iran. Yeah. It kind of makes sense.

CPI Falls to 3.5%, Biggest Drop Since 2020 + Bank Earnings Kick Off Strong | July 14, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast,
not the earnings call.

CPI Falls to 3.5%, Biggest Drop Since 2020 + Bank Earnings Kick Off Strong | July 14, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.