Borrowed stability

US inflation came in hotter than expected, oil prices are back above $100 per barrel, global oil inventories are falling at record speed, and the Middle East war continues to threaten one of the world’s most critical oil routes: the Strait of Hormuz. Bond yields are rising again, rate cuts are fading further into the distance, and consumers are increasingly relying on debt to keep spending alive. Yet despite all these warning signs, the S&P 500 and Nasdaq remain near record highs as dip buyers continue to rush into every pullback and AI optimism keeps fueling the rally. But every new point added to this market now feels like another Jenga block balancing on borrowed stability. Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.