New Delhi, April 6 -- The global landscape has shifted significantly over the past few weeks, triggered by the unfolding geopolitical complexities in West Asia.

As we stepped into 2026, the sentiment was one of cautious optimism. The probability of a global recession appeared slim, and investors were pivoting aggressively toward growth assets. Global equities were in favour, but the real "crowded trade" was the surging enthusiasm for gold and silver.

The Consensus That Was

At the start of the year, the financial narrative felt almost settled.

The Fed Factor: The debate wasn't if the US Federal Reserve would cut rates, but rather the timing and magnitude of those cuts.

Benign Inflation: Both globally and closer to home in India, infla...