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Investment Gold man Management ele Key Takeaways Division al The immediate threat of military engagement between the US and Iran has eased but risk of escalation or miscalculation is high. US agenda (and the impact of Saudi Arabia and Israel) is unclear, with administration officials offering contradictory views. Iran is set to resume its nuclear program with the intent of gaining leverage for future negotiations which it previously relinquished as part of the JCPOA. There is further potential downside for Iranian oil production and exports, but ample OECD inventories, growing US production, and OPEC spare capacity would help contain any short-term oil price shock. We continue to recommend that clients stay invested at their full strategic asset allocation given today’s macroeconomic backdrop and low odds of a recession, but we remain vigilant about the risks to our outlook. 16 Source: Investment Strategy Group. HOUSE_OVERSIGHT_026960