The Iran war is dragging on with no clear US goal, and it is bad news for American troops, Iranian civilians, and the US economy alike.

• Washington has never said what Iran must do to get sanctions lifted — no demands, no red lines, just anger.
• US casualties are climbing fast, with the shorter second round of fighting producing more wounded and killed than the longer first round.
• Iran still controls the Strait of Hormuz, choking off oil and gas and pushing US inflation higher.
• The Fed is now talking about raising interest rates instead of cutting them, which would make borrowing costlier for people already carrying record debt.
• Foreign officials increasingly read the whole episode as an American defeat, with none of its strategic goals met.

Outlook: With no objectives to negotiate over, the fighting and the sanctions look set to grind on while the economic damage flows back onto the US.