🥛 What’s going on with the war? Nobody knows 🤷‍♂️

Milk Road Macro··8 min read
FinancePolitics
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AI Summary

Newsletter discusses the ongoing Iran war and its impact on global markets, with oil remaining above $100 due to the closed Strait of Hormuz. Markets are volatile amid contradictory headlines about potential ceasefires and escalation, while foreign central banks are selling U.S. Treasuries at the fastest pace since 2012.

Key Facts

✓Iran war continues for five weeks with Strait of Hormuz still closed, blocking 10M barrels of oil daily and keeping Brent crude above $100.
✓Trump made contradictory statements about ceasefire negotiations while Netanyahu said Iran no longer poses existential threat to Israel.
✓Foreign central banks are selling U.S. Treasuries at fastest pace since 2012 as energy crisis forces them to prop up their economies.

Author Takes

SkepticalMilk Road Macro

Iran war

Markets are confused about contradictory war headlines and nobody really knows what's going on

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🥛 What’s going on with the war? Nobody knows 🤷‍♂️ — Milk Road Macro | subtl