Thirty-nine days: Too much or not enough?

Will the U.S.–Iran war turn out to have been the 39-day war, following the locution of the Israel-Iran 12-day war of June 2025? The markets, as this is written, seem to think so. Asian stock markets were up Wednesday morning after President Donald Trump’s ceasefire announcement and, hours later, so were European markets. U.S. markets []