00:00So we have now escalating tensions in the Middle East, adding another layer of uncertainty for U.S. markets.
00:08How big of a threat is that?
00:10I always tell people to ask themselves, does it change the trajectory of the U.S. economy or does it change what the Fed is going to do?
00:17And I would argue that the conflict that's going on right now between Israel and Iran probably does not change the answer to those two questions.
00:24So we look at it from the perspective of regional volatility and it could get worse if there's a broader conflict or a conflict in the Strait of Hormuz.
00:33But in general, regional war tends to not derail business or market cycles.
