Investors have grown accustomed to the idea that Donald Trump-induced shocks rarely last long, because, as the popular TACO acronym tells us, “Trump Always Chickens Out.” But the president’s decision to join Israel in starting a war with Iran has opened a geopolitical and macroeconomic Pandora’s box that may make a tidy walk-back impossible. Under the surface, financial markets are starting to take note.

The TACO regime in US stocks — in which every selloff was a buying opportunity — may be officially over.

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