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A more probable economic outcome from the war in the Middle East is a slowdown in growth combined with inflation remaining uncomfortably high.
The War Powers Act requires Congress to vote on the conflict in Iran by the end of May, following a 60-day requirement and a 30-day grace period.
A supplemental budget request of $200 billion is expected to be submitted to Congress, separate from the $1.5 trillion annual budget request.
U.S. law requires that Congress must vote to authorize any presidential decision to withdraw the United States from NATO.
The People's Bank of China continues to buy and add to its gold reserves.
The People's Bank of China is buying gold as part of a long-term strategy of de-dollarization and reserve diversification.
China is using gold as a hedge against potential U.S. sanctions and geopolitical fragmentation.
The United States is maintaining a blockade on Iran, preventing the country from exporting and earning revenues from its oil production.
Iran is maintaining a chokehold on the Strait of Hormuz, which is expected to have catastrophic implications for the global economy.
Iran's current leadership is largely drawn from the Revolutionary Guard and is dominated by hardliners.
Mojtaba Khamenei, the son of Iran's late Supreme Leader, is believed to be alive and actively shaping decision-making within the regime.
The Iranian regime has staked its existence on maintaining a nuclear infrastructure, despite suffering trillions of dollars in economic damage from sanctions.