Ed Elson

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We're back with ProfgMarkets.

It sounds like we believe that ultimately when it comes to markets, I mean, there are many reasons why this is important for reasons totally aside from markets.

But it seems as though the big implication is what this ultimately does to inflation and what those inflation expectations do in terms of the Fed's decisions.

And that seems a little bit stupid when you say it out loud, but ultimately it does seem like that is what's going to determine the markets over the next year or so.

Okay.

It's very clear to me how that would all play out.

I mean, that's at least where my mind initially goes here.

It's like, okay, we've had these escalations in Iran.