This is truly historic: In just 27 days of the Iran War, the discussion has now become about Fed rate HIKES. Just weeks ago, investors were debating how many rate cuts the Fed would implement in 2026. Now? There's a 48% chance of an interest rate HIKE by January 2027. And, the base case now shows interest rates UNCHANGED through September 2027. This is one of the fastest shifts in Fed expectations since the 2020 pandemic, and the labor market has only weakened since. 2026 is going to be a wild year.(The Kobeissi Letter)