From TACO to NACHO: The trade putting inflation back on the menuNACHO, short for “Not A Chance Hormuz Opens,” reflects a market view that tensions in the Middle East are unlikely to ease anytime soon. Earlier this week, U.S. President Donald Trump again rejected Iran’s latest peace proposal, pushing oil futures higher.
The idea behind NACHO is not necessarily that oil prices must continue surging from here. It’s that markets are becoming less willing to price in a quick reversal lower.
It also means today's CPI report could get much worse. The latest U.
