Friday shoutout to @joebrusuelas, chief economist at RSM, who has been doing some of the best analysis of the war in Iran's economic impact. The key question now is: When does the oil price shock trigger demand destruction? Joe has a great post on the 7 stages of demand destruction this week. I'll just add: Navy Federal saw spending holding up through March 31. Yes, gas spending and airfare spending surged in March, but overall spending was solid across all categories. We don't see much evidence *yet* of demand destruction. But we're watching... realeconomy.rsmus.com/american...…