US President Trump says US continues to carry out large scale combat operations in Iran; on Iran, says they would soon have missiles capable of reaching America; Iran refused to cease its pursuit of nuclear weapons

• Regime ballistic missile programme was expanding rapidly.
• An Iran with nuclear weapons would be intolerable to US.
• This was "our" last best chance to strike.
• Objectives are clear, including destroying missile capacity.
• Ensuring they cannot obtain a nuclear weapon.
• Have knocked out 10 Iranian ships.
• Ensuring Iran cannot fund or direct armies outside of their border.
• On Iran, will easily prevail.
• Ahead of time projections, projected 4-5 weeks but can go far longer.
• On Iran war timeline, says whatever it takes.

President Trump's statements underscore a marked escalation in US-Iran tensions, emphasizing military operations and the urgency of addressing Iran's missile capabilities and nuclear ambitions. This heightened geopolitical risk could buoy safe-haven assets like gold and the USD while negatively impacting equities and risk-sensitive currencies. Market participants should monitor the evolving situation closely, as potential military actions may trigger significant volatility across multiple asset classes.