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The High Man In The Castle
The High Man In The Castle
By Michael Every of Rabobank
The world is again waiting to see what comes out of US-Iran peace talks in Pakistan as the two-week ceasefire deadline looms. Again, it’s a binary outcome: war, with threatened strikes on bridges and power plants in Iran, then perhaps regionally, and an extended closure of Hormuz; or peace, and energy and key goods flowing again.
The markets have decided peace will be the outcome. Because markets. Yes, there are times when bad news logically justifies a rally, e.g., in a...
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