Treasury yields seem to have steadied this morning while equity futures drifted modestly lower. There is growing skepticism about how durable the U.S.–Iran ceasefire really is. Sporadic fighting, claims of violations, and only partial reopening of the Strait of Hormuz kept uncertainty elevated.
That said, tensions appear to be cooling at the margin with Washington–Tehran talks scheduled for Saturday.
On the macro side, the Fed’s preferred inflation gauge came in exactly in line with expectations for February, and Q4 GDP was revised lower, yet not enough to shift the broader policy narrative.
**How are you positioning around geopolitical risk right now?**
Are you treating this as noise or something that could reshape the risk environment?