As the war in the Middle East expands, the US President Donald Trump has warned a "big wave" of strikes is still yet to come. But back home, both the Prime Minister and Deputy Prime Minister have repeatedly stated that don't expect the US to ask for Australian military support.

The conflict is already sending shock-waves across markets, with RBA governor Michelle Bullock warning inflation expectations could become "unanchored" and refusing to rule out another interest rate hike later this month.

Patricia Karvelas and Raf Epstein break it all down on Politics Now.

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