Robin Brooks

Great to be back, Kai.

Great to be back, Kai.

So I think there's two big questions.

So I think there's two big questions.

And I think the question you're asking is totally valid.

And I think the question you're asking is totally valid.

The first question is, is what just happened?

The first question is, is what just happened?

On Friday, we were de-escalating.

On Friday, we were de-escalating.

On Saturday, we were escalating.

On Saturday, we were escalating.

We were going to bomb power plants in Iran.

We were going to bomb power plants in Iran.

This morning, we're de-escalating again.

This morning, we're de-escalating again.

And I think it's worth thinking about how much weight should the market put on any one pronouncement.

And I think it's worth thinking about how much weight should the market put on any one pronouncement.

The whole thing reminds me of the tariff standoff with China a year ago when tariffs went to 150%.

The whole thing reminds me of the tariff standoff with China a year ago when tariffs went to 150%.