Wall Street has snubbed its collective nose at World War III.
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The big guns aren’t the U.S. military, in the market’s point of view. It’s Jerome Powell and the Federal Reserve. Iran has a six-shooter. The Fed has a howitzer. Following what appears to be the accidental downing of a Ukrainian Airlines passenger jet, tens of thousands of Iranians took to the streets in anger as dozens of locals were on board. The U.S. has thrown its moral support behind the protesters, with Trump tweeting in Farsi or Persian last week in direct communication with Iranians.Attendees during a Trump rally. Trump's attacks on the Fed last year turned a four-hike year into nohikes and three rate cuts. Equities keep rising because of it.
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