The US and Israel have launched joint military attacks on Iran, with President Trump stating that combat operations could last for weeks until all objectives are completed. The S&P 500 Index (SPX) is up +.07%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.06%, and the Nasdaq 100 Index ($IUXX) (QQQ) rose +0.44%. The war in Iran has boosted safe-haven demand for precious metals, with gold prices rising to 1-month highs. Bond yields have also risen, with the 10-year T-note yield up 10 bp to 4.04% amid concerns that high oil prices could increase inflation. The WTI crude oil price has risen more than +65% to an 8.25-month high as tanker traffic through the Strait of Hormuz has largely halted after Iran attacked three oil tankers. The focus will be on US-Iran war news, corporate earnings, and economic news this week. The markets are discounting a 2% chance for a -25 bp rate cut at the next Fed policy meeting on March 17-18.