Markets entered March in a state of confusion. Energy prices spiked in response to the US attack on Iran. With the Strait of Hormuz effectively closed, fertilizer, aluminum, and helium also experienced rapid price increases. Asset hedges (i.e., gold and government bonds) did not meet expectations. Fed watchers swapped rate cuts for rate hikes. Volatility spiked and risk assets sold off because of the increased uncertainty and economic impact of the event.

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