Week of February 5, 2024
As US encounters with Iranian proxy militias – Hamas, Yemeni Houthis, and Hezbollah to name a few – have become more frequent, so too has the likelihood of a direct conflict with Iran, something the Biden Administration is trying to avoid. The Houthis have made it more difficult and much more expensive for nations to ship goods through the Suez Canal. Militias in Syria conducted a deadly attack on a US Military base recently in Jordan. Therefore, we have increased our focus – and our related Middle East et al Signal – to be reflective of the growing risks as we perceive them.
Bob Bilkie, CFA and Michael Mullenax