Positioning: markets react to delay

Today we explore an escalating geopolitical risk in the Middle East and its implications for global energy markets and inflation. Darius Dale highlights the critical question of whether the U.S. has effectively handed pricing power to Iran via delays in military action, warning investors not to trust short-term relief rallies. With monetary policy turning increasingly uncertain and liquidity conditions beginning to deteriorate at the margin, the episode emphasizes maintaining a disciplined, risk-aware approach within an inflationary, risk-off regime.