This week will continue to be dominated by developments in the Middle East, though a heavy slate of data releases—including the FOMC March Minutes, February personal income, and March CPI—will compete for attention.
President Trump confirmed Wednesday night that the United States could conclude its involvement in the Iran War within two to three weeks, providing an exit ramp from a conflict that has roiled energy markets since late February. Yet, oil prices remain stubbornly elevated, reflecting concerns about the Strait of Hormuz, which Trump said the US would leave to other countries to reopen. Then again, this weekend, Trump warned Iran that unless the Strait is opened immediately, Monday will be Obliteration Day, when the US will bomb Iran's electric power plants.
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