Market Commentary

A glance at the previous month’s market events and thoughts on the near future.

Risk Rally Pauses as Warsh's Fed Reprices Policy Risk

June 2026

Warsh - from risk-taking to policy repricing
Equity leadership broadened beyond AI
Oil selloff and stronger dollar drove broad commodity weakness

Growth Leadership Extends as Inflation Fears Ease

May 2026

AI-fueled growth dominates
Oil drop eases inflation and supports risk assets
Rising concentration risk

Violent Reversal to Risk-On

April 2026

Melt-up ignited
Narrative beat noise
Risk-on regime shift

Operation Epic Fury Drives Cross-Asset Volatility

March 2026

Shock to the trend
Diversifying assets sold off
All assets are more sensitive