Wall Street's 'Nacho' Acronym Signals Grim Oil Outlook Ahead of Trump China Trip
A new term, 'Nacho' (Not a chance Hormuz opens), has surfaced on Wall Street as traders anticipate continued stalemate and elevated oil prices. This phrase replaces the previous 'Taco' (Trump always chickens out) and signifies increasing pessimism regarding the blockade of the Strait of Hormuz. Its popularity surged after Bloomberg columnist Javier Blas mentioned it on social media in late April, crediting a trader. Despite US Secretary of State Marco Rubio's announcement last week that 'Operation Epic Fury'—the military initiative against Iran initiated in February—has ended, the regional situation remains dire. The Strait of Hormuz continues to be effectively blocked, contributing to global economic uncertainty, coinciding with President Trump's upcoming visit to China.
Key facts
- New Wall Street acronym 'Nacho' stands for 'Not a chance Hormuz opens'.
- Replaces earlier acronym 'Taco' (Trump always chickens out).
- Term gained traction after Bloomberg columnist Javier Blas shared it on social media in late April.
- Attributed to an unnamed trader.
- US Secretary of State Marco Rubio stated 'Operation Epic Fury' has concluded.
- Operation Epic Fury was US military action against Iran launched in February.
- Strait of Hormuz remains effectively blocked.
- Trump is preparing for a trip to China.
Entities
Institutions
- Bloomberg
- US State Department
Locations
- Wall Street
- Strait of Hormuz
- Iran
- China
- United States