diff --git a/src/buildstream/_assetcache.py b/src/buildstream/_assetcache.py
index 66e2182..e096c5f 100644
--- a/src/buildstream/_assetcache.py
+++ b/src/buildstream/_assetcache.py
@@ -327,19 +327,18 @@
         # Hold on to the project specs
         self._project_specs = project_specs
 
-        with self.context.messenger.timed_activity("Initializing remote caches", silent_nested=True):
-            for spec in specs:
-                # This can be called multiple times, ensure that we only try
-                # to instantiate each remote once.
-                #
-                if spec in self._remotes:
-                    continue
+        for spec in specs:
+            # This can be called multiple times, ensure that we only try
+            # to instantiate each remote once.
+            #
+            if spec in self._remotes:
+                continue
 
-                remote = RemotePair(self.cas, spec)
-                if remote.error:
-                    self.context.messenger.warn("Failed to initialize remote {}: {}".format(spec.url, remote.error))
+            remote = RemotePair(self.cas, spec)
+            if remote.error:
+                self.context.messenger.warn("Failed to initialize remote {}: {}".format(spec.url, remote.error))
 
-                self._remotes[spec] = remote
+            self._remotes[spec] = remote
 
         # Determine overall existance of push or fetch remotes
         self._has_fetch_remotes = any(remote.storage for _, remote in self._remotes.items()) and any(
diff --git a/src/buildstream/_context.py b/src/buildstream/_context.py
index 1dc89c5..7a46caa 100644
--- a/src/buildstream/_context.py
+++ b/src/buildstream/_context.py
@@ -593,9 +593,10 @@
 
         # Now initialize the underlying asset caches
         #
-        self.artifactcache.setup_remotes(self._active_artifact_cache_specs, self.project_artifact_cache_specs)
-        self.elementsourcescache.setup_remotes(self._active_source_cache_specs, self.project_source_cache_specs)
-        self.sourcecache.setup_remotes(self._active_source_cache_specs, self.project_source_cache_specs)
+        with self.messenger.timed_activity("Initializing remote caches", silent_nested=True):
+            self.artifactcache.setup_remotes(self._active_artifact_cache_specs, self.project_artifact_cache_specs)
+            self.elementsourcescache.setup_remotes(self._active_source_cache_specs, self.project_source_cache_specs)
+            self.sourcecache.setup_remotes(self._active_source_cache_specs, self.project_source_cache_specs)
 
     # get_workspaces():
     #