Tepp Wealth Management 2ndQ 2026 Quarterly Outlook

Our first quarter outlook described 2026 as a story of steady growth in the first half, with the potential for inflation to re-emerge later in the year as fiscal stimulus, deregulation, and improving business conditions combined to reignite demand. The Iran conflict, which began on February 28th with coordinated US and Israeli strikes targeting Iranian military infrastructure, compressed and scrambled that sequence.SOURCES- Absolute Strategy Research, “Asset Allocation: Reduce Risk as Iran War Extends,” Zahra Ward-Murphy, March 18, 2026- Absolute Strategy Research, “Six Big Investment Issues from Our Global Marketing,” March 25, 2026- Absolute Strategy Research, “The High-Flation Regime & Bonds,” written by Ebrahim Rahbari, April 1, 2026- Alpine Macro, “Tropic Thunder: War Time Equity Positioning,” Nick Giorgi, April 1, 2026- Alpine Macro, “In Brief: Iran — Winner, Winner, TACO Dinner?,” Dan Alamariu, April 1, 2026- BCA Research, “Quarterly TAA: Anatomy of a Supply Shock,” Juan Correa, Lucas Laskey et al., April 1, 2026- BCA Research, “Geopolitical Strategy: The Shortest Geopolitical Outlook for Q2 2026,” Matt Gertken et al., April 3, 2026- GeoFutures, “Sketches of the Middle East After the Iran War”, written by Kamran Bokhari, April 2, 2026- Numera Analytics, “Global Asset Allocation: The Fog of War — Should Investors Buy the Dip?,” Joaquin Kritz Lara et al., March 17, 2026- Numera Analytics, “US Asset Allocation,” Joaquin Kritz Lara et al., March 19, 2026- Oxford Economics, “GAA Equities: US Equities Can Weather the Oil Shock,” Daniel Grosvenor, March 16, 2026- Oxford Economics / Alpine Macro, “GAA Cross Asset: Move Closer to Benchmark as We Dial Back Risk,” Ainsworth-Grace, Corominas & Grosvenor, March 12, 2026- Oxford Economics / Alpine Macro, “GAA Fixed Income: Central Banks Will Need to Lean Against the Wind,” Javier Corominas, March 13, 2026