Geopolitical tensions: Markets tend to price risk, not hope

Markets rarely move on hope alone. When uncertainty rises, they tend to price risk first, often before outcomes are clear. The renewed tensions in the Middle East are a reminder of that dynamic, bringing energy risk, inflation concerns and policy credibility back into focus. In this blog we step back from forecasting events and instead look at how markets behaved during the last major rates shock. For structured credit investors, that period offers a useful guide to what matters when volatility returns. Click "Visit" to access the full blog.