A hotter inflation report, attacks on Saudi oil infrastructure, and rising rate-hike bets all landed at once — a bad week for markets that may actually mark the bottom.

• Inflation came in hot and is spreading beyond gas into airfares, restaurants, daycare, and school tuition.
• Markets now fully expect three rate hikes by next spring, with the first likely within days.
• Saudi Arabia's East-West pipeline was struck, and with Houthis controlling the Red Sea coast, the Saudis are struggling to get oil out.
• Trump is signaling the Iran conflict could drag on for years, which reads more like negotiating pressure than a real plan.
• The bull case: the worst is already priced in, so an Iran deal before the election would send oil, inflation, and rate expectations all falling at once.

Outlook: If a deal lands before the election, tech and hardware stocks like Nvidia, AMD, and Apple stand to rally hardest; if Iran escalates instead, the downside is steep.