To get John Authers' newsletter delivered directly to your inbox, sign up here. And breathe. Worries on several fronts have been suddenly assuaged. President Donald Trump is not going to charge 20% to take tankers through the Strait of Hormuz; he chickened out more quickly than usual and flipped his position within 24 hours. And not only is inflation falling, but headline prices are actually going down, and so are core prices. This means we can also reverse Monday's warning from the Federal Reserve that it might raise rates later this month.