Implications for Bank of England policy

Markets desperately want to believe in the positive. Focus on the apparent 15-point US plan to end the war has received more attention than Iranian dismissals of this, or the fact that passage through the Strait of Hormuz is minimal. Domestic US politics may be reinforcing the perception that the US wishes to exit the war. The Florida state house district that includes the Mar-A-Lago estate was won by a Democrat who campaigned on the affordability crisis, despite US President Trump endorsing and voting (by mail) for the Republican candidate.