Today we look at the market-altering after effects of Trump's claims of diplomacy with Iran as he backed away from an ultimatum against Iran's power infrastructure if the Straits of Hormuz remain closed, and how nothing has changed on the ground, or on the seas, even as oil prices remain significantly lower than where they were before Trump's claims yesterday. We also run through the latest moves in US treasuries, a critical market for risk sentiment, as well as reactions and the state of play in major currencies. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Regarding today's discussion on OpenAI and Elon Musk's comment that "OpenAI is goint to eat Microsoft alive", a long-form X post on risks to the relationship.

About twice per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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