Oil Flows Through Hormuz, Fed Remembers Alan Greenspan | Bloomberg Businessweek Daily 6/22/2026

Summary

The program covers the passing of former Fed Chair Alan Greenspan and his legacy, followed by a macro discussion with J.P. Morgan's David Lebovitz on the Fed under Kevin Warsh, inflation risks, and portfolio positioning. It also covers UK Prime Minister Keir Starmer's resignation, the fragile US-Iran peace talks and oil flows through the Strait of Hormuz, and an exclusive on U.S. consumer credit health with VantageScore CEO Silvio Tavares, who highlights mortgage lender tailwinds from the company's credit scoring model.

• Former Fed Chair Alan Greenspan dies at 100; his legacy includes the 'Greenspan put' and 'irrational exuberance'.
• David Lebovitz sees more inflation risk than labor-market risk and expects the Fed under Kevin Warsh to prioritize price stability.
• He recommends carry-oriented strategies, favoring consumer exposure and high-yield bonds as credit spreads have limited tightening potential.
• UK Prime Minister Keir Starmer steps down, paving the way for Andy Burnham, adding political uncertainty.
• US-Iran peace talks progress but a lasting deal is viewed as unlikely; oil prices fell on optimism but the Strait of Hormuz situation remains fragile.
• VantageScore's credit gauge shows consumer credit health is stable despite high rates, with delinquency rates lower year-over-year.
• Silvio Tavares highlights VantageScore's mortgage model adoption, projecting $1 trillion in incremental mortgages and $1 billion in lender cost savings.
• Specific mortgage lenders Rocket Mortgage (RKT) and United Wholesale Mortgage (UWMC) are expected to benefit materially.