Mark Zandi has added oil prices to his list of concerns that the US could be barreling toward a downturn.

Once again, American hubris has triggered global chaos that will last for decades, long after whatever extrication is possible from the Iran misadventure. Trump’s feckless bluster has trapped us in the “known unknown” outcome of Iran’s command of the Strait of Hormuz and the potential for a ground-force quagmire. Massive troop dispatches tend to acquire their own momentum. It’s the Chekhov gun theory. If there is a pistol on the mantelpiece when the curtain goes up, someone will fire it in the third act.
At the on-camera Cabinet meeting on Thursday, Trump’s free-associative drivel, in the midst of a world crisis, ranged from the new White House ballroom: “The military wanted it more than anyone,” to the Kennedy Center: “It’s going to be beautiful when you add the name Trump,” to his favored Sharpie pens: “They do treat me well, Sharpie.” My historian friend Sir Simon Schama sent me a despairing text. “It was like a bit from One Flew Over the Cuckoo’s Nest. What was the 25th Amendment for, if not for this? The stroke-struck Woodrow Wilson was a combo of Jefferson, Lincoln, and FDR, compared to this oozing hulk of cognitive rot. HELP US, Obi-Wan, HELP US.”
The Iranian leaders may have a caricature understanding of America but it’s still better than the Trump administration’s understanding of them.
> “Thank you for your attention to this matter” is a recurring troll line from the mullah meme reel, accompanying AI spoofs of the Dept. of War’s Mortal Kombat-style manosphere videos. > Iran’s feature Trump as a Teletubby playing with toy war planes in the Oval Office or paired with Bibi as demonic warring Lego figures.
> Their Trump taunts even reference Jeffrey Epstein’s island. “A reminder to the corrupted Island Man: The ground and map of the world is in our hands.” Heh Heh Heh.
> For propaganda cred, they beat the battle prayers of Hegseth, who sounds like a medieval mullah himself when he vows to “break the teeth of the ungodly.” Hegseth’s tattooed one-man crusade is even freaking out the pope. His Holiness went on a Palm Sunday tear about how Jesus “does not listen to the prayers of those who wage war.”
Just as the posse of Saudi hijackers with simple box cutters terrorized the world on 9/11, the Iranian regime has seen that, in the Strait of Hormuz, small, nimble boats and cheap drones made from sanction-busting, off-the-shelf components can be as effective in panicking the West as the threat of a nuclear weapon. Nothing speeds up innovation more than an existential threat.
After last June’s bombing of Iran’s nuclear and ballistic missile facilities, Netanyahu declared that Israel had achieved a “historic victory, which will stand for generations.” But, in the nine months since, Iran, like an evil starfish, has reconstituted its missile capacity.
There’s an unsettling imbalance in expertise and experience between Iran and the Trump team, who are bored by the complexities of diplomacy. “The IRGC’s chief negotiator, foreign minister Seyed Abbas Araghchi, has been negotiating with the West for two decades. He knows his file intimately,” Iran policy analyst Karim Sadjadpour told me.

Trump will never understand that the Iranian regime has zero affinity for “deal guys.”

His bafflement was clear in a March 26th Truth Social post when he described Iranian negotiators as “very different and strange.” Before the bombing began, Witkoff said, “He’s curious as to why they haven’t . . . capitulated.” In the simplistic real estate world, leverage is the only commodity that matters. Trump’s expedient approach has allowed Iran to sell oil as a quick fix to lower gas prices, a political and market necessity, given that his approval rating has sunk to 33%. Iran reads it as their victory. In the blink of an eye, Trump made a concession that Iran has wanted for eight years of sanctions. All thanks to their choking off the Strait of Hormuz.
Just as the posse of Saudi hijackers with simple box cutters terrorized the world on 9/11, the Iranian regime has seen that, in the Strait of Hormuz, small, nimble boats and cheap drones made from sanction-busting, off-the-shelf components can be as effective in panicking the West as the threat of a nuclear weapon. Nothing speeds up innovation more than an existential threat."
Mark Zandi has added oil prices to his list of concerns that the US could be barreling toward a downturn.
The Moody's chief economist previously told Business Insider that he saw the threat of economic recession for the US as increasingly likely. Now, he believes that the threat is rising, largely due to the convergence of two key economic forces.
A strong upward move in oil prices since the Iran war began has led other economists to voice concerns about the economy recently, and Zandi highlighted the weakening US labor market as a bearish force that could be exacerbated by the latest energy volatility.
"Recession is once again a serious threat," he wrote in an X thread this week.
"Even before the recent disconcerting events in the Middle East, our machine learning based leading economic indicator model put the probability of a recession starting in the next 12 months at an uncomfortably high 49%."
Mark Zandi has added oil prices to his list of concerns that the US could be barreling toward a downturn.
The Moody's chief economist previously told Business Insider that he saw the threat of economic recession for the US as increasingly likely. Now, he believes that the threat is rising, largely due to the convergence of two key economic forces.
A strong upward move in oil prices since the Iran war began has led other economists to voice concerns about the economy recently, and Zandi highlighted the weakening US labor market as a bearish force that could be exacerbated by the latest energy volatility.
"Recession is once again a serious threat," he wrote in an X thread this week.
"Even before the recent disconcerting events
in the Middle East, our machine learning based leading economic
indicator model put the probability of a recession starting in the next
12 months at an uncomfortably high 49%."
"It isn't a stretch to expect the indicator to cross the key 50% threshold amid the Iranian conflict and the resulting surge in oil prices," he said.
"Oil prices are an important variable in the model, and with good reason: every recession since WWII, save the pandemic recession, has been preceded by a spike in oil prices."
POSSIBLE RELATED TO THE IRANIAN CONFLICT

Illustration: Brendan Lynch/Axios
SpaceX is preparing to launch the largest IPO of all time — with expectations that it could raise more than all U.S. listings in 2024 and 2025.
Why it matters: Wall Street is understandably giddy. But what it's about to pitch investors is unprecedented, and could impact how (or if) OpenAI and Anthropic go public later this year.
Here are four ways this IPO is different from all others:
1. Size: SpaceX reportedly wants to raise around $75 billion at a $1.75 trillion valuation.
2. Flux capacity: SpaceX has been around for decades, but the version going public is a newly formed conglomerate.
3. X factor: Elon Musk himself. And not just the part about him seeking to simultaneously run two of the world's most valuable companies.
4. Red ink: We don't yet know SpaceX's overall financials, and its initial IPO filing is likely to be confidential.

|
|
|
| Year 2026 | Release | |
|---|---|---|
April 2
8:30 AM |
N |
U.S. International Trade in Goods and Services, February 2026 |
New Date April 9
8:30 AM |
N |
GDP (Third Estimate), Industries, Corporate Profits, State GDP, and State Personal Income, 4th Quarter and Year 2025 |
New Date April 9
8:30 AM |
N |
Personal Income and Outlays, February 2026 |
April 30
8:30 AM |
N |
GDP (Advance Estimate), 1st Quarter 2026 |
April 30
8:30 AM |
N |
Personal Income and Outlays, March 2026 |
May 5
8:30 AM |
N |
U.S. International Trade in Goods and Services, March 2026 |
May 28
8:30 AM |
N |
GDP (Second Estimate) and Corporate Profits, 1st Quarter 2026 |
May 28
8:30 AM |
N |
Personal Income and Outlays, April 2026 |
June 9
8:30 AM |
N |
U.S. International Trade in Goods and Services, April 2026 |
June 9
8:30 AM |
N |
U.S. International Trade in Goods and Services, Annual Update |
June 10
8:30 AM |
N |
New Foreign Direct Investment in the United States, 2025 |
June 24
8:30 AM |
N |
U.S. International Transactions and Investment Position, 1st Quarter 2026 and Annual Update |
June 25
8:30 AM |
N |
GDP (Third Estimate), Industries, Corporate Profits, State GDP, and State Personal Income, 1st Quarter 2026 |
June 25
8:30 AM |
N |
Personal Income and Outlays, May 2026 |
July 7
8:30 AM |
N |
U.S. International Trade in Goods and Services, May 2026 |
July 7
10:00 AM |
D |
U.S. Trade in Services, Expanded Detail, 2025 |
July 10
8:30 AM |
N |
Activities of U.S. Affiliates of Foreign Multinational Enterprises, 2024 |
July 21
8:30 AM |
N |
Direct Investment by Country and Industry, 2025 |
July 30
8:30 AM |
N |
GDP (Advance Estimate), 2nd Quarter 2026 |
July 30
8:30 AM |
N |
Personal Income and Outlays, June 2026 |
August 4
8:30 AM |
N |
U.S. International Trade in Goods and Services, June 2026 |
August 26
8:30 AM |
N |
GDP (Second Estimate) and Corporate Profits, 2nd Quarter 2026 |
August 26
8:30 AM |
N |
Personal Income and Outlays, July 2026 |
September 3
8:30 AM |
N |
U.S. International Trade in Goods and Services, July 2026 |
September 24
8:30 AM |
N |
U.S. International Transactions and Investment Position, 2nd Quarter 2026 |
September 30
8:30 AM |
N |
GDP (Third Estimate), Industries, Corporate Profits, State GDP, and State Personal Income, 2nd Quarter 2026; State PCE, 2025 |
September 30
8:30 AM |
N |
Personal Income and Outlays, August 2026 |
October 6
8:30 AM |
N |
U.S. International Trade in Goods and Services, August 2026 |
October 6
10:00 AM |
D |
Services Supplied Through Affiliates, 2024 |
October 29
8:30 AM |
N |
GDP (Advance Estimate), 3rd Quarter 2026 |
October 29
8:30 AM |
N |
Personal Income and Outlays, September 2026 |
November 4
8:30 AM |
N |
U.S. International Trade in Goods and Services, September 2026 |
November 20
8:30 AM |
N |
Activities of U.S. Multinational Enterprises, 2024 |
November 25
8:30 AM |
N |
GDP (Second Estimate) and Corporate Profits, 3rd Quarter 2026 |
November 25
8:30 AM |
N |
Personal Income and Outlays, October 2026 |
December 2
8:30 AM |
N |
GDP by County and Personal Income by County, 2025 |
December 8
8:30 AM |
N |
U.S. International Trade in Goods and Services, October 2026 |
December 10
8:30 AM |
N |
Real Personal Consumption Expenditures by State and Real Personal Income by State, 2025 |
December 18
8:30 AM |
N |
U.S. International Transactions and Investment Position, 3rd Quarter 2026 |
December 23
8:30 AM |
N |
GDP (Third Estimate), Industries, Corporate Profits, State GDP, and State Personal Income, 3rd Quarter 2026 |
December 23
8:30 AM |
N |
Personal Income and Outlays, November 2026 |
| To Be Announced Spring 2026 |
D |
Trade in Value Added, 2024 |
| To Be Announced April 2026 |
D |
Integrated Industry-Level Production Account, 2024 |
| To Be Announced 2026 |
N |
Outdoor Recreation Economic Statistics, U.S. and States, 2025 |
1. Replace axios with a simple custom fetch wrapper ( kentcdodds.com ) 1 point by mariuz 0 minutes ago | hide | past |...