Strait To New Record Highs: Hormuz Hopes Spark Risk-On Wrecking Ball Across Markets

Tl;dr: Today reminded us of the days of yore when politicians and policymakers did (or said) "whatever it takes" to keep the dream alive and "baffle 'em with bullshit" was the methodology. Despite, conflicting/confusing headlines around opening the Strait and de-nuclearization (Trump extremely enthusiastic that a deal is imminent), markets moved first before thinking with oil crashing (dragging bond yields and the dollar down) while stocks, gold, and bitcoin all ripped higher and rate-cut odds improved. The first green Friday since the start of the war.

The betting folk don't seem so enthused...

Oil