Global stock, bond, currency, and commodities have seen significant volatility over the past month as the U.S.-Iran war continues, with many assets seeing wild swings and major losses. Bearish sentiment has largely dragged assets lower over the course of the month, largely due to concerns about the impact of the war on energy and inflation. All three major averages on Wall Street are expected to end the month in negative territory. Concerns about the Iran war's impact on oil and gas imports have also negatively impacted European and Asian markets. Goldman Sachs warns of the increasing risk of stagflation and expects further equity downside and weak real returns under stagflation. The dollar index is expected to gain around 3% in March, with energy-driven stagflation risks supporting the USD in the near term. Meanwhile, Goldman Sachs has warned that the decline in gold prices is likely to be short-lived within an EM context. Copper prices have also been volatile, with fears of Iranian attacks on the Gulf region fueling global supply shortages.