Jon:
There’s been a lot of movement around geopolitical developments lately. What’s the latest market mood?
Gargi:
Markets are still dealing with uncertainty, but the mood has become somewhat more constructive. The announcement of a two-week ceasefire between the U.S. and Iran helped ease immediate concerns, and we’ve seen a positive reaction, particularly in growth stocks.
Jon:
Does that mean risks are fading?
Gargi:
Not entirely. The ceasefire is short, and volatility in headlines remains. We’re watching two key things: first, evidence of a resumption in traffic through the Strait of Hormuz; and second, the impact of higher gas prices on companies and consumers. These could be critical for equity, bond, and oil markets.
Jon:
And the bottom line for portfolios?
Gargi:
Risks are elevated, but not systemic at this stage. We focus on the 3 Ds: diversification, durable growth-potential themes like AI and energy security, and downside protection through buffered strategies.
Jon:
Switching gears a bit—what’s been your personal mood this week?
Gargi:
Spring is in the air. I’m using the slightly warmer weather to get back on my bike!
Jon:
Amazing. And that’s the market mood.
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Ceasefire has supported a recovery in equities, but the situation remains fluid. Ongoing geopolitical uncertainty may increase the risk of volatility spikes on any renewed escalation.
Outflows from commodity ETPs and a pullback in precious metals point to positioning normalization following a strong run, rather than a clear shift in underlying demand or risk dynamics.5
Recent CPI data suggests inflation effects remain largely confined to energy, with core inflation stable. This supports a measured policy path and keeps the door open to a potential rate cut in 2026.
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Inside the Market is designed for advisors who need timely market context and practical investment perspectives. It helps advisors interpret what’s happening across markets and translate economic and market developments into clear, actionable implications for client portfolios and conversations.
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1. U.S. Bureau of Economic Analysis, Personal Consumption Expenditures Price Index Excluding Food and Energy. Data for January 2026 (released 4/09/26).
2. U.S. Bureau of Economic Analysis, Gross Domestic Product. Data for Q4 2025 (released 4/09/26).
3. U.S. Bureau of Labor Statistics, Civilian unemployment rate, seasonally adjusted. Data for March 2026 (released 4/3/26).
4. LSEG Refinitiv, data for Q4 2025 as of 2/25/26.
5. Bloomberg data as of 3/31/2026. Commodity ETP’s classified by Bloomberg saw -$11.1 billion in outflows in March.
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