Over the weekend Trump told Iran to "get moving, FAST" on nuclear negotiations or face consequences. That one comment sent shockwaves across every asset class. Here's the reaction and why it matters. Step 1 (Oil spikes) Brent crude shot above $111 a barrel. Why? Because 20% of the world's oil supply passes through the Strait of Hormuz. If tensions escalate and that gets disrupted, global supply gets choked. Markets price that risk in immediately. Step 2 (Inflation fears return) Higher oil = higher petrol, higher shipping costs, higher production costs. All of that feeds directly into CPI. We already saw March CPI come in at 3.3% year on year — up from 2.4% in February — with a 21.2% rise in petrol prices driving the headline number. This oil spike makes that worse, not better. Step 3 (The Fed can't cut rates) This is the big one. The market was hoping for rate cuts this year. But with CPI accelerating and oil pouring fuel on the fire, the Fed's hands are completely tied. You can't cut rates when inflation is re-accelerating. The new Fed Chair Kevin Warsh inherits this mess on day one. Step 4 (Stocks sell off) Friday the S&P 500 dropped 1.2%. Nasdaq fell 1.5%. Today markets are choppy as traders try to figure out whether this escalates further or gets resolved. Nvidia reports earnings on Wednesday which will be the next major catalyst. The lesson: This is exactly why we study fundamentals. One geopolitical comment created a chain reaction across oil, bonds, currencies, and equities all in the same session. If you're only looking at charts, you saw red candles but had no idea WHY. When you understand the fundamental flow geopolitics → commodities → inflation → central bank policy → asset prices everything becomes a hell of a lot easier Happy Monday!