Q1 In The Books: SaaSpocalypse Now, Oil Gets Crude Awakening, Credit Crushed, Gold Worst Since Lehman

Tl;dr: Q1 was already hectic, led by AI disruptions, a private credit crisis, and precious metals panic, and then came Iran in March. Volatility is up dramatically in every asset-class with software's slaughter wrecking tech, dominating equity weakness. A violent hawkish shift in market expectations pushed rates higher in March as war sent oil higher and gold lower. Bitcoin outperformed as the dollar was aggressively bid. The month ended on a positive tone (stocks up, oil down) with 'off-ramp' signals from Trump and Iran.

As Bespoke pointed out, today was the best end of a quarter since (dun dun dun)... September 2008...

Oil