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This story produced a red screaming headline on Bloomberg. *IRAN OFFERS US NEW PROPOSAL TO REOPEN STRAIT OF HORMUZ: AXIOS The markets excitedly pumped on the headline. The problem is that this story was public 11 hours earlier. https://t.co/9YJ9Hi7e87 Effectively, this is a totally unrealistic proposal. Still, the administration waited 11 hours until markets were open to hype so-called "good news" by calling an American (or Israeli) reporter to say "A DEAL IS COMING!" and breathlessly include "We'll meet in the situation room to discuss." What is amazing is how desperate the market wants this to be the case, and how it bounces every time it happens.

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