A picture taken with a mobile phone on January 3, 2014 shows people in a street with empty bullets on the ground following fighting between Islamist jihadists and Iraqi special forces in the Iraqi city of Ramadi, west of Baghdad. - 

The Wall Street Journal's Sudeep Reddy and Redfin's Nela Richardson sit down with Kai to discuss this week's events for our Weekly Wrap:

Conflict in Iraq: 

"The makrets clearly don't care. The markets clearly haven't cared about a whole lot for a while... They're certainly on the watch for any trouble out there. You've seen potential trouble in Iraq, you've seen potential trouble in Syria, you've seen potential trouble in Russia and Ukraine, and the markets have been able to brush that off pretty easily...though it's clear that this situation is worse and doesn't have a very clearly outcome any time soon," says Reddy.

Rising oil and gas prices:

"We've seen gas prices be basically pretty stable and high and now with this uncertainty they're about to become unstable and higher," says Richardson.

Eric Cantor's defeat:

"The environment is certainly marginally worse. The big question is whether anything will get done in 2015," adds Reddy.

Debt limit:

"We lost a deal maker... There are three potential scenarios: there's a 'good' solution where the debt ceiling is extended with the budget, there's a 'will do' sollution where it's just extended for short term, and then theres this catastrophic -- not a solution -- where you see this kind of thing where markets go crazy and we don't know what happens next," says Richardson.

Future of price-rises:

"Growth. It takes growth to produce some price increases and we just haven't seen it," adds Richardson.

Follow Kai Ryssdal at @kairyssdal