2026-03-18
14 分钟It's been a wild year for markets, with risky assets performing strongly through February,
but reversing much of their gains as oil prices spiked in response to the Iran conflict.
So where do markets go from here?
I'm Alison Nathan and this is Goldman Sachs Exchanges.
Joining me here in London is Kamakshat Trivedi, Chief Foreign Exchange and Emerging Market Strategist in Goldman Sachs Research.
Kamakshat, welcome back to the program.
Thank you, Alison.
It's a pleasure to be back.
Obviously, it's a very uncertain time for markets, so we have a lot to talk about.
First, just get us up to speed on how markets are digesting the developments in the Middle East.
It is a very uncertain time and lots going on, so I would make three high-level observations.
First, I think the market is pricing in a higher inflation shock.
In response to the spike in energy prices that you've seen as a result of the conflict, you see
that in the way rates curves have moved up, generally places that were pricing cuts, central banks
that were priced to cut rates, you've seen those cuts come out, places that were...
Let's get started, shall we?
Things that people had on as hedges for portfolios has broadly speaking not worked.
So long duration, people being long interest rates, I think that hasn't really performed.
People got comfortable with long gold positions.
Those haven't really performed.