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In addition to the news about Iran and Israel, this morning there is a major strike going on at ports along the East and Gulf coasts in the United States, with over 45K port workers on strike, affecting 36 ports over wages and automation.

Will this affect the market? It depends on how long the strike lasts. A prolonged strike could push up prices for food, cars and a host of other consumer goods, thereby causing inflation to rise and affecting the Fed's interest rate decision.

However, the current estimate is that this strike will not have a major impact. Additionally, President Joe Biden, under the authority granted by the Taft-Hartley Act, could intervene and order an 80-day “cooling off” period, which would at least temporarily halt the strike.