Iran Is Playing Trump. The S&P Hasn’t Noticed Yet.

Bonds are quietly pricing the Hormuz risk premium. Equity markets are at all-time highs. Both cannot be right. One of them is trading on hope.

ZTRADER.AI · MACRO RESEARCH · JUNE 2, 2026

Bonds are quietly pricing the Hormuz risk premium. Equity markets are at all-time highs. Both cannot be right. One of them is trading on hope.

Dorian · ZTrader.AI Research · June 2, 2026

A month ago I told clients that Iran was not negotiating. It was performing negotiation — and there is a structural difference b…