Summary

• Investor sentiment thrived in April even in the wake of an erratic geopolitical backdrop that has stoked fears of stagflation.
• Global bond yields pushed higher following a wave of hawkish-leaning rhetoric from central banks.
• The developed market purchasing manager indices revealed hints of stagflation in April as both businesses and consumers contemplated the impacts of the prolonged conflict in the Middle East.
• Both the European Central Bank and Bank of England remained on the sidelines in April but expressed their willingness to act in response to mounting upside risks to inflation.

Investor sentiment thrived in April even in the wake of an erratic geopolitical backdrop that has stoked fears of stagflation. Markets were whipsawed as investors digested a plethora of headlines around the Middle East conflict that

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