Jurrien Timmer, director of global macro at Fidelity Investments, has stated that despite the recent volatility, conditions are not as dire as they appear. He remains optimistic about the outlook for markets, stating that markets are expecting resolution to current geopolitical tensions, particularly around Iran, "sooner rather than later." While crude prices surged above $100 a barrel, the futures curve remains in backwardation, suggesting that markets view the current supply disruption as a short-term bottleneck rather than a prolonged crisis. The S&P 500, which was down about 9% at one point, has recovered to a drawdown closer to 1%. Credit spreads remain contained, suggesting limited systemic stress in traditional defensive assets. Timmer also noted unusual correlations between gold and U.S. Treasuries, suggesting countries facing constraints in moving energy through the Strait of Hormuz may be raising liquidity by selling highly liquid assets such as gold and Treasurance. Despite this, he remains bullish on both assets.