Quarterly Investment Review for Insurers: Q1-2026

The U.S. Supreme Court invalidated International Emergency Economic Powers Act (IEEPA) tariffs, Section 122 at 15% expires July 24 without a legislative vehicle, and the U.S.-Israeli war with Iran closed Hormuz and damaged Gulf infrastructure — three trade deadlines and a war converge in a single summer quarter.

Every major print is a binary event. March CPI (Apr 10) is the first oil-shock data point. This quarter either confirms stagflation or the shock proves transitory.