March 20, 2026 09:50 PM GMT Global Macro Commentary | Global March 20: Energy Shock Repricing Hormuz risk persists; Trump rejects ceasefire; more US warships/ Marines head to region; ECB/BOE hike bets rise; Fed cuts priced out; equities slide, vol jumps; EM FX weaker; DXY at 99.54 (+0.3%); US 10y at 4.38 (+13.4bp). A more persistent energy shock pushed markets from a "temporary scare" mindset toward a stagflationary repricing, lifting front-end rates and the dollar while hitting duration, equities, and EM F ...