The safe havens havens haven't been safe havening so much. From Marketplace, I'm Sabri Beneshore,

in for David Brancaccio. President Trump posted this morning that the U.S. is engaged in talks with Iran

to end hostilities. Markets responded instantly. Oil prices came down some. Stock futures went from

sharply negative to sharply

positive. But safe haven investments, the places where investors usually put their money when they

get anxious, are still, on the whole, not acting very safe haveny. You might expect gold to be up

over the past month, but it is down 15%. 10-year bond prices are still the lowest in months.

Julia Coronado is founder of macro policy perspectives and a professor at UT Austin and joins us.

Hi, Julia.

Good morning.

Gold is supposed to be a safe haven.

You know something people invest in when they are concerned?

And yet the price of gold has been falling.

Why would that be the case?

Well, the same is true with bond yields. Oftentimes bonds are viewed as a safe haven, and we see bonds selling off and yields rising rather than falling. And I think there is a sense that with so

much uncertainty, there's more of a hoarding of cash rather than

investing strategically in different assets. And so what you see is pretty much every asset price

is falling right now with the uncertainty around the war. Ten-year bond yields have been going up.

Is that a reflection of kind of what you're saying,

or is it also that people worried about inflation? Well, I would say it's probably a combination of both. There has been a lot more concern in the markets about the inflationary impact of the war than

potentially the recessionary impact of the war. If recession was the dominant

concern, you might expect to see yields falling. But even central banks have been talking a lot more

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