I was asked for a two-sentence update on the latest economic and market developments amid the Middle East War. Here's what I said: 1. Overnight developments have shaken the market’s baseline assumption of a swift conclusion to the war and an imminent reopening of the Strait, casting a larger shadow over the global economic outlook. 2. Some of the financial spillovers are magnifying pre-existing fragilities and starting to trigger (an overall small as of now, but noticeable) flight to cash—particularly among investors caught in crowded trades. #economy #markets #MiddleEastWar