Global markets are absorbing the shock of sweeping US tariff announcements, with the S&P 500 under significant pressure from its February highs. The VIX has surged to elevated levels âÃÂàtypically associated with genuine market stress âÃÂàwhile gold continues hitting new all-time records as investors seek safety.
The Federal Reserve held rates steady at its March meeting and has signalled zero cuts for the remainder of 2026, citing stubborn core inflation and trade uncertainty. This hawkish stance is compressing equity valuations, particularly in growth and tech names.
UK markets have held up comparatively better, though sterling strength is acting as a headwind for the FTSE 100's international earners. The Bank of England appears more likely to cut than the Fed, which could weaken the pound later in the year.
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