Market Update: The Infrastructure Phase
When War Stops Being a Headline and Starts Becoming a Macro Regime
The market is still trading this conflict as episodic risk, spikes that fade, while the real regime shift is infrastructure risk:
Once pipelines, terminals, refineries, and shipping lanes are in play, duration becomes uncertain… and uncertainty is the asset.
Our model’s projection set now tells a tighter, more ominous story because it adds a crucial fourth leg:
