Ed Elson

It is January 14th.

Let's check in on yesterday's market vitals.

Major indices fell from recent highs.

Treasury yields declined after the latest inflation report.

More on that later.

Oil prices rose on Trump's comments on Iran.

We'll get to those in a moment.

And finally, JP Morgan shares dropped 4% after fourth quarter investment banking fees missed expectations.

Okay, what else is happening?

President Trump announced a 25% tariff on any country doing business with Iran.

Trump wrote that the order is, quote, effective immediately and that the decision is final and conclusive.

However, the White House has not yet explained how the tariffs would be enacted or by what authority.

It appears the move is a response to the Iranian government's violent crackdown on protesters, which has resulted in thousands of civilian deaths.

In a Tuesday morning Truth Social post,

President Trump said he has cancelled talks with Iranian officials and he's urged Iranians to, quote, keep protesting and take over your institutions.

The protests began in late December as inflation and Iran's collapse in currency, the rial, made everyday goods unaffordable.

They've since gained momentum, morphing into wider demonstrations against the Iranian regime.

Here to explain the situation in Iran and what these tariffs might mean for the country, we're speaking with Maurice Obstfeld, former chief economist for the International Monetary Fund and senior fellow at the Peterson Institute for International Economics.

Maurice, thank you for joining us on Profity Markets.

Thank you.