Oil bouncing back is why I’m not treating this as a clean all-clear yet

This morning I’m not really reading the board as “problem solved.” A couple of sessions ago the easier story was softer dollar, lower oil, and a cleaner relief move. Now oil is bouncing back, the dollar is firming again, and that makes the whole macro picture feel less settled. From an investing angle, that matters because energy staying elevated is exactly the kind of thing that can keep inflation sticky and make the path for rates less comfortable again. So even if risk assets hold up, I’m still not calling this a clean reset. If I had to simplify it, softer dollar was the relief trade, but oil is still the thing that can ruin the easy version of that story.