JPMorgan: No Clear End to Iran War, Economic Red Lines Breached

JPMorgan's admission of not knowing when the conflict ends matters less than its concession that its own assumed red lines were breached, which undercuts the bank's earlier framework for forecasting a de-escalation path. That shift affects how oil, gasoline and Treasury markets price geopolitical risk, since the prior anchor — a presumed US pain threshold — no longer holds. The open question is whether those breached levels themselves force a policy response, or whether the market has to reprice without any known ceiling.