Treasury Secretary Scott Bessent gets it. When asked about the Strait of Hormuz, Bessent notes that yes, things will likely never return to the way they were before; however, there is a distinction that must be applied. Capital markets respond to risk in the medium and long term; risks are always mitigated. With the Strait now identified as a strategic risk, the emphasis will be on forever neutralizing that risk and avoiding the issue in the future. Bessent gets it: markets don’t absorb coercion; they arbitrage it away.