Markets play an expectations game, and in March 2026, we saw the process play out, with all of its upsides and downsides. The month started with a war in the Middle East, which quickly percolated into soaring oil prices and dropping stock prices, but the overwhelming factor was uncertainty about almost every dimension of the war - how long it would last, what permanent changes to oil prices would emerge as a consequence and how global governments and economies would respond to these changes. As we reach the end of the month, rather than getting answers, we face more questions, and not surprisingly, markets are ... (full story)