Q1 2026 Executive Summary

The bullish start to 2026 gave way to negative volatility in March, as the Iran war soured sentiment and delivered a near-correction from late February’s highs. The downturn might be over, or there could be more pain ahead. No one can know when largely sentiment driven moves like this will abate. However, we see little altering our forecast for continued, back-end-loaded bull market driven by the US Midterm Miracle.