Odd Lots Here's Why The Iran War Is Prompting A Safe Haven Rethink
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Mar 21, 2026 
Joe Weisenthal, a Bloomberg markets journalist, breaks down why the Iran war is reshaping the hunt for safety. He looks at what really counts as a safe haven. He digs into why tariffs changed the dollar trade. He also explores Treasuries, inflation fears, and why gold can lose momentum when investors rush to cash.
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What Actually Makes An Asset A Safe Haven
- Safe havens are assets investors expect to hold value when growth and risk assets weaken.
- Joe Weisenthal says gold endures beyond any economy, while Treasuries and the dollar rely on dependable US payments and broad acceptance.
Why Tariffs Weakened The Dollar But War Helped It
- The tariff shock hurt the dollar as an investment asset, while the Iran war revived its safe haven appeal.
- Joe Weisenthal says tariffs made the US look costlier and less attractive, but war shifts investors from return-seeking to simple capital preservation.
Why Treasuries Struggle When War Raises Inflation Risk
- Treasuries can fail as immediate safe havens when war raises inflation fears faster than investors value guaranteed repayment.
- Joe Weisenthal contrasts a fixed 4% coupon with 6% inflation and likens accepting that loss to paying for a safe deposit box.
