It just struck me like brick - the market began to aggressively price in a war with Iran today. That is not idle chit chat - from USD weakening, to curve steepening and long end falling, rising oil and gold ... and note Iran came out in defiance of the UN Security Council today. The only thing we didn't see is equities falling, but that doesn't necessarily negate the thesis if one assumes Fed easing in lead-up to war and that both war and low rates are good for stocks. Mark this folks - Iran issue looks to increasingly steer the market going forward. That is all I have for now but would be interested opening up discussion on this.