Politics And The Markets 03/06/26

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More on Today’s Markets:

Leadership upheaval at the U.S. Department of Homeland Security intensified Thursday after President Donald Trump removed Kristi Noem as secretary and said he would nominate Sen. Markwayne Mullin as her replacement. The shift could influence billions of dollars in federal security, border enforcement and defense-related spending.

Roughly 20 million barrels per day of petroleum liquids pass through the Strait of Hormuz, making it the world’s second-largest oil transit chokepoint. Any prolonged disruption could have significant implications for global energy markets and inflation.

Crude oil extended gains Thursday as the U.S.-Israel war on Iran entered its sixth day, with global supply threatened by attacks against critical infrastructure and shipping traffic through the Strait of Hormuz almost fully stopped, trapping ~20% of the world’s daily oil consumption.

‘Trump Always Chickens Out’ “applies when Trump on his own decides e.g. if tariffs are 50% or 0% instantaneously,” Kolanovic said. Trump’s Liberation Day tariff announcement last year drove a sharp market selloff, before a rebound took hold about a week later when the White House paused the harsher tit-for-tat tariffs (while keeping a baseline tariff). The TACO