Good morning.

There is a lot of confusion going on right now as an announcement was made last week by the administration that the Strait of Hormuz was “permanently open” … while Iran pointed out during the weekend that the Strait is again closed … and everyone is now wondering just what will happen as the two-week ceasefire ends on Wednesday.

And investors?  For now, taking it all in stride as markets are little changed but up over the last week.

There is also a bit of confusion with comments related to gasoline prices, as Treasury Secretary Bessent suggested gas would fall to $3/gallon during the summer while Energy Secretary Wright claimed gas would remain above $3/gallon into next year … which the White House quickly discounted … leading some with energy experiences (or none) to get resume’s ready in case there is a sudden opening.

Even worse than prices on gas and other things is the situation faced by some hopeful to attend upcoming FIFA “World Cup” soccer games in certain states … as, for example in New Jersey … the organization was successful in implementing a “no parking” ban at the stadium … and, realizing people would be forced to use public transportation, New Jersey Transit upped the ticket price to $150 from it’s original $12.50 … claiming the high cost of having the games needed to be recouped.

Meanwhile, the World Cup Games … according to Sports Value … is said to be, financially, “the most lucrative in history.” You can be sure that a lot of organizations … and people … are lining up to make some pretty big gains.

But not everyone forks over extra costs without complaint.

In this regard, today is the first day importers are able to file for rebates on tariffs paid that the Supreme Court classified as “illegal.”  What will this do to our nation’s debt?  I don’t know … right now it is at $39.1 trillion dollars, and it doesn’t seem that sharp annual increases are slowing our economic engine at all … even amid tons of warnings.

It was Senator Everett Dirksen who famously is claimed to have said in 1962 “a billion here, a billion there … and pretty soon you’re talking about real money.”  Sure, there is no proof he ever said it exactly this way … but he was a sharp critic of our nation’s “temporary” borrowing.  By the way, our nation’s deficit for the entire year of 1962 was $6.3 billion … which we now add to our debt every few days.

That about wraps it up for today as I am going to grab lunch and turn on the news with hope to get updated on the situation with Iran.

The problem is I don’t know what to believe anymore … and wonder if I should just bother at all.

Maybe I should just go to the prediction market to get a truer sense of what is really going on.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | April 20, 2026 As of 11:54 AM today … The Iranian peace deal seems to be in a bit of turmoil right now as the Strait is still not open and oil prices are up a bit due to continuing hostilities (CNBC) https://www.cnbc.com/2026/04/20/us-iran-war-middle-east-conflict-peace-deal-strait-hormuz-shipping-ceasefire-tensions.html   … and the U.S. might have another battle to contend with … as some companies that paid a tariff – now deemed to be illegal – are trying to get their money refunded, starting today (UPI) https://www.upi.com/Top_News/US/2026/04/19/tariff-refund-website-goes-live-monday/3781776626932/   People use “chatbots” more these days … treating the computer as a friend or even a therapist … but getting medical advice is ill advised … as wrong info here can be costly (TheIndependent) https://www.the-independent.com/life-style/health-and-families/health-news/chatbots-medical-advice-bmj-study-b2961005.html   With the labor market getting a bit “tighter” it may be wise to brush up on interview habits … and missing some of these items could keep you from standing out (MoneyLion) https://www.moneylion.com/trending/money/poor-interview-habits-cost-job   Sure, a couple of days were chilly here in the Northeast … but March was hot enough, on average, to set records in the continental U.S. (NPR) https://www.npr.org/2026/04/19/nx-s1-5787853/2026-saw-the-hottest-march-ever-recorded-in-the-continental-u-s   … and the global warmth is not limited to the U.S. … in fact, Japan came up with a new name for days that are cruelly hot … “kokushobi” (EuroNews) https://www.euronews.com/2026/04/20/japan-announces-new-name-for-days-over-40c-after-hottest-summer-ever   The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.