Rates, FX, equities, commodities and volatility — one editorial read each morning, with the full archive below.
Sunday, June 21, 2026 · 06:00 SGT
Macro Morning Brief
The war trade came undone. With Washington and Tehran stepping back from the brink and traffic resuming through the Strait of Hormuz, the geopolitical risk premium that had bid up oil, gold and volatility bled out almost as fast as it built — Nasdaq ripped +2.5%, the VIX collapsed 11% to 16.4 and crude round-tripped it…
Stagflation regime holds (growth Z -0.49, inflation deviation +60), but the session was a textbook risk-premium unwind as the US-Iran deal and reopening of the Strait of Hormuz blew up the war trade —…