Host mentions 'metals fall out of bed, gold is lower, miners are down' in context of 'sell everything moment' that guest is explaining as reaction to conflict uncertainty and inflation worries.

Uncertainty from prolonged conflict hits consumer confidence and sentiment, coming into US driving season with higher gasoline prices is a big hit on US spending - beginning of what's being priced in.

pattern of much less oil getting through at a much higher risk which will keep this price of oil much higher for a longer time Conflict in Strait of Hormuz could last months, disrupting oil flows and creating sustained risk premium.

worries about inflation and some of these other pressures where the Fed has never been able to get back towards its 2% target... now these headwinds are going to push it the other direction Higher oil prices from prolonged conflict create inflation pressures that could push yields higher as Fed struggles with 2% target.