BIT: Geopolitical risk pricing enters a new stage, and the linkage effect between energy and interest rate expectations continues to ferment According to TechFlow, on March 20th, BIT (formerly Matrixport) released a weekly report stating that "the escalation of the situation related to Iran is increasing uncertainty in energy supply, inflation path, and global growth prospects. If the conflict continues to spill over and affect key channels such as the Strait of Hormuz, the global economy and risk assets may face more obvious pressure. The market had previously expected looser policies during the trading year, but has recently begun to reassess the pace of interest rate cuts and even reprice policy risks that are more hawkish. So far, the overall market still tends to view this round of shocks as temporary inflation disturbances, with the implicit assumption that supply side and shipping disturbances are relatively controllable and will gradually ease within a reasonable time. This is also reflected in the limited upward revision of inflation expectations at present. From the perspective of market performance, the pricing of geopolitical risks may have entered a new stage, and the linkage between energy, interest rate expectations, and risk appetite deserves continued attention