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 unwound. With Washington and Tehran stepping back and traffic moving again through the Strait of Hormuz, the risk premium that had bid up oil, gold and volatility drained out fast. The Nasdaq 100 jumped 2.48%, the VIX fell 11% to 16.4, and crude round-tripped its spike. This was relief, not dovishness. Th…
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 —…