If you apply text wrap to an anchored object, the wrap affects only lines of text in the story that hold the anchor marker and lines that come after the marker. The paragraph containing the object is set to Single-line Composer.

You can also apply text wrap to inline anchored objects. However, the wrap doesn’t apply to any text lines preceding the object. (Inline anchored objects in table cells don’t support text wrap.) When you paste an object as an inline object, its text wrap boundaries are preserved.