March has arrived and, with it, a shift in both the season and the market mood.
On the domestic front, the data has been mixed. The labour market has stayed steady, with unemployment holding at 4.1% and employment lifting on the back of more full-time roles. Wage growth has continued to edge higher, while household spending has softened. Inflation has also proven more persistent than expected, with CPI still running at 3.8% and underlying inflation ticking up.
Layered over that is a sharp lift in global volatility driven by developments in the Middle East involving Iran. When geopolitical risk rises, markets tend to reprice quickly. Energy prices, currencies and equity sectors can all move at once, and day-to-day headlines can feel louder than the fundamentals. For most long-term investors, the value is in staying disciplined: revisiting portfolio positioning, checking liquidity and risk settings, and focusing on what you can control rather than reacting to each new update.
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As always, if you have any questions, don’t hesitate to get in touch.