News & Insights

The War with Iran dominated headlines and markets again this week after reports from last weekend that a deal was forming to reopen the Strait of Hormuz. Equity markets ate up the news with the major indices hitting new all-time highs on optimism that a deal would be reached and the conflict would end.

The week was defined by three interlocking forces: an unresolved Middle East conflict, a resurgence in global inflation and a leadership transition at the Fed that collectively rattled financial markets and reset monetary policy expectations. 

The week was marked by unexpected developments in the Middle East and the beginning of significant changes at the Fed. On Tuesday, the United Arab Emirates (UAE) announced it was leaving OPEC for unspecified reasons, effective today.