Markets are starting to price in escalation with Iran, but not fully yet 

Mortgage rates and bonds 

Markets can get very wild with an X factor because people just don’t know what is going on yet, so this week was going to be bumpy if escalation continued, and that is what we are seeing today. Unlike the bombing of Iran nuclear facilities last year, which was one-and-done and ended quickly, the extent of this Iran event is still up in the air. 

But,…