Calibrated Retaliation
−1.0%
Iran uses its newly autonomous regional units and aligned militias to retaliate against US forces while trying to avoid a direct war with Washington. The most likely path is a controlled cycle of drone, rocket, cyber, and naval harassment followed by US defensive or limited punitive action.
What it moves
- Consumer Services−2.0%
- Industrials+1.9%
- Riskier companies' borrowing costs
- Market volatility
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