🥛 Trump takes CEOs to China 🇨🇳

Q: Trump flew 16 CEOs with a combined $1T net worth to Beijing, with Boeing pursuing a potential 500-je

Trump flew 16 CEOs with a combined $1T net worth to Beijing, with Boeing pursuing a potential 500-jet order that would be the largest in aviation history.

Q: The IEA warned global oil inventories fell 117M barrels in April alone as the Strait of Hormuz remai

The IEA warned global oil inventories fell 117M barrels in April alone as the Strait of Hormuz remains choked for 10+ weeks, with Brent crude at $106.

Q: Macro analyst Matthew Piepenburg argues the Fed cannot raise rates with $40T in debt, ~20% of oil al

Macro analyst Matthew Piepenburg argues the Fed cannot raise rates with $40T in debt, ~20% of oil already trades outside USD, and gold held in stable jurisdictions is the top hedge.

Milk Road Macro·Thursday, May 14, 2026·5 min read

Finance Politics Crypto/Web3

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AI Summary

Trump traveled to Beijing for a two-day summit with Xi Jinping, bringing 16 CEOs with a combined net worth over $1T, with Boeing reportedly pursuing the largest airplane order in history. The IEA's May report warned that global oil inventories are being drained at an unprecedented pace, with the Strait of Hormuz choked for over 10 weeks and Brent crude at $106. Macro commentator Matthew Piepenburg argues the petrodollar system is fracturing due to de-dollarization, reserve freezes, and the Fed's inability to raise rates aggressively with $40T in debt.

Key Facts

✓Trump flew 16 CEOs with a combined $1T net worth to Beijing, with Boeing pursuing a potential 500-jet order that would be the largest in aviation history.

✓The IEA warned global oil inventories fell 117M barrels in April alone as the Strait of Hormuz remains choked for 10+ weeks, with Brent crude at $106.

✓Macro analyst Matthew Piepenburg argues the Fed cannot raise rates with $40T in debt, ~20% of oil already trades outside USD, and gold held in stable jurisdictions is the top hedge.

Author Takes

BearishMilk Road Macro

Dollar hegemony and Fed policy

The Fed cannot pull a Volcker with $40T in debt, meaning negative real rates and quiet debt monetization are inevitable, accelerating the end of dollar hegemony.

NeutralMilk Road Macro

Trump's China CEO trip

This isn't just a field trip — it's a tactical truce to get symbolic wins like Boeing orders and soy purchases to lower trade war temperature while the U.S. is distracted by the conflict in Iran.

BearishMilk Road Macro

Global energy markets

Energy markets have assumed pipes and tankers always work — that assumption has collapsed and we're now in a regime where physical scarcity, not paper trading, determines oil prices.

SkepticalMilk Road Macro

S&P 500 bull run

Despite a new Fed Chairman, higher-than-expected inflation, an energy crisis, and ongoing geopolitical tensions, the S&P keeps making new all-time highs — enjoy the bull run while it lasts.

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