Ed Elson

The Iranian guard says it's keeping its finger on the trigger ahead of talks with the U.S.

scheduled for Friday.

Okay, lots to dive into here.

We're going to discuss...

this move from Trump and what it means for markets.

We are joined by Robert Armstrong, commentator for the Financial Times and author of the Unhedged newsletter, as well as John Mowry, chief investment officer of NFJ Investment Group.

Thank you both for joining me.

John, I'm just going to start with you because last week you and I discussed this and towards the end of our conversation, you said you think he's going to, you didn't say the word taco, but you said that he's not going to go through with this.

And that is what happened.

Right.

That seems to be the hope and the expectation, at least after the ceasefire was announced, that if we have a ceasefire, if the Strait of Hormuz is open, then that means the oil prices are going to come down.

Then that means we're going to see lower inflation than we expected, which means that the Fed is...

not going to hike rates, or at least will maybe continue with the rate-cutting cycle.

I mean, I appreciate how you lay out how it all trickles down to asset prices ultimately, but the big question appears to be, or at least is to me,

Is it really closed?

Or excuse me, is it really open?

Is the straight going to remain open?

Is this ceasefire over?

Rob, I'm going to turn it to you because you actually created the term taco, as I like to remind people over and over again.

People are calling this a taco.