Donald Trump is unpopular at the moment. According to The Economist’s tracker, his net approval rating is -20, eight percentage points below where it was at this time in his first term and lower than it has been at any point in his second. The Iran war and the economic fallout are probably responsible; on Tuesday the average price of gas climbed above $4 a gallon.

When investors are feeling jittery, they often turn to gold. It emanates no cashflows but offers insurance against a blow-up. Since the third Gulf war began, however, the yellow metal has not served as much of a hedge—it has plunged by about 15%. Our Buttonwood columnist explains what’s going on.

Finally, the $1.5trn private-credit market is in trouble. On the latest Inside Economics our journalists explain who is most exposed and what it means for the wider economy.