Will Trump say "Hormuz" during Address to the Nation?

Analysis

The market places an 80% chance on Trump mentioning 'Hormuz,' but recent statements suggest otherwise. Trump's focus is on the U.S. withdrawing from the conflict within a few weeks and he has minimized the strategic importance of the Strait of Hormuz. He indicated allies should manage their own security in the region. Recent Ipsos polls show Americans largely oppose continued military action, increasing pressure for de-escalation. Trump's rhetoric has shifted towards a quick resolution, further suggesting he may avoid reigniting focus on Hormuz during his address. Given these indicators, the probability of him saying 'Hormuz' is likely overstated.