Bill Ackman plays to the market
Plus, Nest’s private credit mandate, US small caps jump and Rothko in Florence
The risks of Trump’s Strait of Hormuz blockade plan
Naval embargo designed to cut off Iran’s exports threatens to destabilise global energy markets
We are stuck in a currency doom loop
Without the dollar, bad situations could be made even worse
Who lost the UK bond market?
The volatility of gilts is a big problem for the country and must be tackled