Kevin Warsh's Senate Banking Committee confirmation hearing yesterday (21 April 2026) was the big event—he's President Trump's nominee to replace Jerome Powell as Fed Chair. It was a fiery, high-stakes session focused on independence, inflation, his personal finances, and his vision for overhauling how the Fed operates.

flash note

US market rally surprises hedge funds as jet fuel constraints build across Europe and Asia. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks posted strong gains for the third straight week, with several major indexes notching new all-time-highs amid signs of de-escalating conflict in the Middle East, upbeat earnings results, and a series of generally positive economic data releases. The Nasdaq Composite led indexes higher, gaining 6.84%, followed by the Russell 2000 and S&P 500 Indexes. Large-cap growth stocks outperformed their value counterparts for the third consecutive week, supported in part by ongoing enthusiasm around artificial intelligence-linked stocks. Positive sentiment was supported by the ongoing U.S.-Iran ceasefire as well as optimism around continuing negotiations between the two countries.

EM debt and Credit markets post a solid rebound, government bonds still face headwinds

Global equity markets recorded their strongest weekly performance in months as driven by geopolitical de-escalation bolstered investor sentiment.

Sharp swings driven by geopolitical shocks and shifting rate expectations have so far left equities broadly unchanged, while the US dollar continues to be influenced by ongoing tensions in the Iran conflict. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stock indexes recorded solid gains for the 2nd week in a row as signs of de-escalating conflict in the Middle East and a subsequent drop in oil prices boosted investor sentiment. Enthusiasm around artificial intelligence-linked stocks also served as a tailwind for parts of the market. Additional reports suggesting talks involving Israel and Lebanon also appeared to support equities late in the week, although overall uncertainty remained elevated heading into the weekend. The Nasdaq Composite outperformed (+4.68% over the week). Within the S&P 500 Index, energy was the only sector to post negative returns. On the macro side, US CPI growth (March) accelerated amid surging energy costs but came in below estimates.

Investors faced one of the most turbulent quarters in recent memory during Q1 2026. The year began with optimism, but markets were soon affected by the outbreak of conflict in the Middle East, a historic surge in oil prices, significant movements in bonds and currencies, and the rapidly growing impact of artificial intelligence. In the sections below, we recount the story of Q1 2026 in ten charts, from the initial equity rally to the lasting opportunities in fixed income.

A relief rally on a fragile pause: ceasefire diplomacy with caveats