It's an honor to participate in this important conference alongside my distinguished fellow panelists. These are my views and not necessarily those of my Federal Reserve colleagues. Before I address more traditional imbalances, I’d like to share an update on global oil balances from my vantage point in Texas. The closure of the Strait of Hormuz has reduced global oil supply on net by nearly 13 million barrels per day, or more than 10 percent. Inventory drawdowns have filled much of that shortfall so far, including through increased exports from the United States. However, inventories are finite. Industry leaders see ... (full story)