New Delhi, April 14 -- Wall Street traders have become preoccupied by one particular market indicator.

Some refer to it as the Treasury breakeven inflation curve and, while that's a bit of a mouthful, it's simply the market's expectation of average inflation over two periods.

The breakeven inflation rate for the 2-year and 10-year reveal how the market thinks prices would behave in the near- and long-term. Plotting the difference between these two expected inflation rates delivers this so-called curve, which has been under intense scrutiny.

The breakeven curve "highlights the markets moving on from the [Iran] conflict," wrote Barry Knapp, managing partner of Ironsides Macroeconomics, underneath a video posted Monday.

How? Consider wha...