Treasury yields stabilized this morning while equity markets opened slightly lower, largely reflecting uncertainty around the durability of the U.S.–Iran ceasefire. Reports of intermittent fighting and only a partial reopening of the Strait of Hormuz continue to influence risk sentiment.
From a macro perspective, two key data points hit today:
* The Fed’s preferred inflation gauge for February came in exactly in line with expectations.
* U.S. Q4 GDP was revised downward.
**Open question for the community:**
How meaningful are these geopolitical disruptions for short‑term inflation expectations or supply‑chain‑related price pressures?