C1W - Market Commentary: 1st Qtr 2026

• Markets declined in March as escalating geopolitical tensions in the Middle East drove a sharp rise in energy prices, with oil up over 50% during the month and broader energy markets significantly higher.

• Expectations for interest rate cuts have moderated, with Treasury yields moving higher during the quarter as inflation risks re-emerged alongside resilient economic data.

• While near-term volatility has increased, historical data shows markets have often recovered following geopolitical events, with equity returns typically positive one and three years after major shocks.