π₯ What does the war mean for the U.S. economy? πΊπΈ
AI Summary
The newsletter analyzes the economic impact of the Iran war on the US economy, focusing on wartime labor market data for March 2026. Despite energy price shocks from the ongoing conflict, the US added 178,000 jobs in March, significantly beating expectations.
Key Facts
βIran war enters fifth week with Strait of Hormuz closure causing global energy price shock
βUS labor market shows resilience with 178,000 jobs added in March, nearly tripling consensus estimates despite wartime conditions
βInitial Jobless Claims hover near multi-year lows while NFIB hiring intentions edge lower, suggesting mixed future employment outlook
More from Milk Road Macro
π₯ Energy and compute scarcity are letting the bulls run wild π
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π₯ S&P 7,100, Oil drought, and a $3T bond bet π°
Markets continue rallying despite growing inflation risks, with the S&P 500 breaking through 7,100 and Bank of America declaring a 'bubble-like regime
π₯ The strait is closed. Markets donβt care (yet) π§