🥛 Bye TACO, hello NACHO 🇺🇸

Q: Trump's market influence is declining as TACO headlines (Trump Always Chickens Out) are being replac

Trump's market influence is declining as TACO headlines (Trump Always Chickens Out) are being replaced by NACHO headlines (Not Actually Changing Hormuz Opening) during the ongoing Iran war.

Q: The Strait of Hormuz remains closed for four weeks while Houthi rebels from Yemen have joined the co

The Strait of Hormuz remains closed for four weeks while Houthi rebels from Yemen have joined the conflict, threatening to close the Bab el-Mandeb Strait which could add $20 to oil prices according to JP Morgan.

Milk Road Macro·Tuesday, March 31, 2026·8 min read

Finance Politics Business

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AI Summary

The newsletter discusses how Trump's market influence is waning during the Iran war and Strait of Hormuz closure, with oil prices reaching $100-120 in the 'stagflation zone'. It introduces the concept of 'NACHO headlines' (Not Actually Changing Hormuz Opening) replacing the previous 'TACO headlines' (Trump Always Chickens Out) as markets focus solely on reopening the vital oil shipping route.

Key Facts

✓Trump's market influence is declining as TACO headlines (Trump Always Chickens Out) are being replaced by NACHO headlines (Not Actually Changing Hormuz Opening) during the ongoing Iran war.

✓The Strait of Hormuz remains closed for four weeks while Houthi rebels from Yemen have joined the conflict, threatening to close the Bab el-Mandeb Strait which could add $20 to oil prices according to JP Morgan.

✓Oil prices have reached the 'stagflation zone' of $100-120 as the U.S. builds up thousands of Marines for potential ground operations, though Wall Street Journal reports Trump may conclude the war within his preferred timeline even without fully reopening the strait.

Author Takes

BearishMilk Road Macro

Trump market influence

Trump is losing his grip on markets as TACO headlines no longer work and markets only care about Strait of Hormuz reopening

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