'Fast Money' traders talk Wall Street's reaction to U.S.-Iran conflict

Market Sentiment & Geopolitics - The market is currently overlooking geopolitical risks, inflation, and potential trade wars [12] - Market participants believe current uncertainty levels are manageable [5] - Closing the straits would be a significant market-moving event impacting crude oil and the S&P [2] Oil Price & Inflation - Oil prices are crucial for managing inflation and potentially enabling interest rate cuts [4] - A jump in Brent or WTI crude oil prices impacting consumer spending could negatively affect the market [3] - Crude oil being down 6% was unexpected given recent events [1] Federal Reserve (The Fed) & Interest Rates - The Fed's actions are currently more influential than other factors [7][8] - The market anticipates the Fed stepping in and potentially moving towards rate cuts, benefiting sectors that would gain from such a move [8][9] - Some voices suggest rate cuts may come sooner and be more frequent than previously anticipated [12] - The Fed seems comfortable with PCE (Personal Consumption Expenditures Price Index) at 31%, until the labor market weakens [7] - There's a possibility of yields approaching 5% due to ongoing concerns, even if the market is currently disregarding them [14]