“They need the Strait more than we need it open, we don’t, we don’t need it at all,”

US President Trump said it's just a question of time regarding Iran, but added that he is not going to be much more patient with Iran.

"With a background of bond markets looking unsettled, with the problem of inflation, with the Strait of Hormuz not having a solution out of that Summit, I think there definitely…

...markets will naturally begin thinking about whether a future leadership transition could imply a different mix of fiscal priorities, spending plans and taxation...

“They need the Strait more than we need it open, we don’t, we don’t need it at all,”

"I am disappointed, and suspect markets are too!"

When bonds sell off, equities rarely digest it well. If we start getting sustained bond market volatility again, then all else equal you see risk off behavior...