ITPM Flash provides insight into what professional traders are thinking about in the markets RIGHT NOW!

Markets continue to show surprising resilience despite escalating geopolitical tensions — but are investors underestimating the risks?

In this week's ITPM Flash, Jason McDonald examines the muted reaction in equities following the Iran conflict, with the S&P 500 only modestly off its highs. He explores why this apparent complacency may reflect a broader belief that geopolitics "doesn't matter" — and why that assumption could be dangerous.

We then dive into the shifting role of traditional safe haven assets. U.S. Treasuries, once the cornerstone of global capital preservation, have delivered poor performance through recent macro shocks. Meanwhile, gold — often viewed as the ultimate hedge — has also struggled during the current crisis, raising important questions about portfolio construction in today's environment.

Finally, Jason outlines a tail-risk trade idea centered on rising inflation expectations and structurally higher bond yields. If energy prices remain elevated and inflation proves sticky, long-duration bonds could face significant downside — creating asymmetric opportunities for those positioned correctly.