Global Markets Face Uncertainty
Divergent statements this week from US President Donald Trump and Iranian officials heightened expectations that regional tensions could persist, maintaining pressure on investor confidence. Although Trump stated he had "paused a decision to target Iran's power plants until April 6" and that "talks were going well," disruptions in shipments through the Strait of Hormuz continued to stoke supply worries in oil markets.
The ongoing vulnerability in energy supply kept oil prices elevated and intensified concerns that inflationary pressures might worsen, bolstering expectations that leading central banks may maintain tighter policies for an extended period. The US 10-year Treasury yield, which reached a peak of 4.45%, remained near 4.41%, indicating continued selling pressure in the bond markets.
Fed Vice Chair Philip Jefferson remarked that high energy costs could exacerbate inflation and create a challenging environment for policymakers, while also affecting consumer and business spending. Meanwhile, the Organization for Economic Co-operation and Development (OECD) kept its 2026 global growth projection steady at 2.9%, but highlighted that this still signals a slowdown from 2025, and lowered its 2027 estimate to 3%.
In market movements, the dollar index was steady at 99.8, spot gold gained 1.9% to $4,460 per ounce, and Brent crude futures slipped slightly by 0.1% to $107.8 a barrel.
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