Trump on Iran: Stuck on repeat

Wall Street investors are desperate for some certainty about how President Donald Trump's war with Iran will play out. They react to every new White House pronouncement like cats chasing a laser light.

The problem is, there is no guessing what will happen next, though it is very likely to be a replay of something that has already happened more than once.

Much of this unpredictability has to do with Trump's penchant for saying just about anything on any given day without a coherent connection to what he might have said the day before. There will be no ceasefire. A ceasefire is definitely on. The Strait of Hormuz is open. The Strait of Hormuz is blockaded. Iran will be bombed back to the Stone Age. There's a new regime in Tehran that is ready to deal. The war will end in two weeks. Or maybe a month. Or maybe when Jesus gives his blessing.

Trump's assertions play on a loop, day after day, as this weird little war drags on and Wall Street wizards remain rattled. There was once a time when the American president spoke and his words could be counted on as a solid expression of policy. Those days are gone, at least for another three years.

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This story was originally published April 24, 2026 at 9:18 AM.