Wall Street is flashing inflation warnings. From the bond market to the C-suite, signals are mounting that the US-Israeli strikes on Iran could reignite the price pressures the Federal Reserve has spent years trying to tame — with significant implications for interest rates, risk assets, and the crypto market.

The question now is whether the oil shock from Iran becomes the trigger that derails the rate-cut timeline Wall Street has been counting on.

Bond Market Moves First

The Treasury market wasted no time pricing in the threat. Ten-year yields surged 10 basis points to 4.03% on Monday — the biggest single-day jump since October — as oil prices spiked over 6% following the near-total halt of tanker traffic through the Strait of…