CL Iran's ceasefire lasted about as long as most New Year's resolutions, which is to say, until the first real test. Strikes have resumed, Washington's language has hardened, and Hong Kong wakes to a market already marking down the odds of a lasting peace. It was, it turns out, only ever the first.-- CL

MB Iran's ceasefire lasted about as long as these ever do, long enough for everyone to say "ceasefire" out loud before going back to the war anyway. Closer to home, the monetary types keep squeezing land supply into a boom and calling it prudence. Institutions rarely lie. They just call the fire containment.-- MB