It is one of Stevie's more mysterious songs!
"Broke down like a little girl" is a Bob Dylan reference, which could refer to her 1986 tour of Australia with Bob & Tom meaning the song's about Tom.
Yes, I'm one of those who believes Stevie secretly loved Tom Petty in 1980-1985 (?). "If You Were My Love" is CLEARLY about Tom. Stevie telegraphs that in the September 1981 interview in B.A M.
So, MY opinion is that "No Questions Asked" is about Tom, but I have no inside sources to confirm this at all.
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