Ed Elson
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Welcome to Profiteer Markets.
I'm Ed Elson.
It is March 24th.
Let's check in on yesterday's market vitals.
The major indices rallied as President Trump signaled a move to de-escalate in Iran.
More on that in a moment.
Oil fell on that news.
Meanwhile, the yield on 10-year treasuries dropped and the dollar declined.
Okay, what's happening?
The war in Iran may be entering a turning point.
On Saturday, Trump gave Iran a 48-hour ultimatum.
Reopen the Strait of Hormuz or the U.S.
would destroy Iranian power plants.
Iran responded by threatening to take out U.S.
energy and desalination infrastructure across the Gulf.
Just two days later, Trump said the two countries were engaging in, quote, very strong talks and that he would pause all strikes for five days.
However, Iran's parliament speaker quickly dismissed the news, saying the talks never happened.
Nonetheless, the S&P rose more than 1%, and Brent crude oil fell more than 10% on the news.
So here to help us make sense of what is actually happening here, we're joined by Justin Wolfers, professor of economics and public policy at the University of Michigan.