March was defined by the US and Israel’s attacks on Iran. Much has already been written about the market impact of the war, but in summary: inflation expectations flipped higher, as shown by higher breakeven inflation rates; expectations of central bank hawkishness increased; and prices for for oil, gas, and agricultural commodity futures surged. Equities and bonds sold off, as is their wont during inflation scares, while the US dollar strengthened against other currencies, again a reflection of inflationary and/or stagflationary fears for the global economy.

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