Global Market Brief: February 23, 2026 Global financial markets are navigating a complex landscape defined by shifting trade policies and a pivot in monetary strategy. After a period of aggressive intervention, the narrative has moved toward stabilization and the management of geopolitical friction. Equities and Indices US equity markets show resilience despite ongoing volatility. The **S&P 500** recently traded near **6,900**, while the **Nasdaq Composite** pushed toward **22,800**. Market leadership remains concentrated, with high-weight stocks like Alphabet and Amazon providing a buffer against broader uncertainty. In India, the **BSE Sensex** has crossed the **83,000** milestone, supported by strong domestic institutional buying. The **Nifty 50** maintains its position above **25,600**. This performance reflects a decoupling from some Asian peers, such as the **Nikkei 225**, which faced pressure earlier in the session. Monetary Policy and Interest Rates The Federal Reserve has paused its easing cycle, holding the federal funds rate in the **3.5% to 3.75%** range. Projections for the remainder of 2026 suggest a cautious approach, with potentially only one additional **25-basis-point** cut. The "neutral rate" is now widely estimated between **3.0% and 3.5%**. This shift from active cutting to a "simultaneous hold" reflects a stabilization in labor markets, where unemployment has settled near **4.4%**. Trade and Commodities Trade policy remains a primary source of market noise. Following judicial challenges to blanket tariffs, a new **15%** global tariff structure has been introduced. This has heightened concerns regarding global growth prospects and supply chain costs. Energy and metal markets are responding to these shifts: * **Crude Oil:** Prices have fluctuated near **$73** per barrel. * **Gold:** Bullion maintains strength, holding levels above **$5,100** as a hedge against trade-related risks. Technology and Digital Assets The technology sector is undergoing a valuation reset. While AI investment continues to drive **13–15%** earnings growth expectations for top-tier firms, investors are increasingly scrutinizing the immediate ROI on massive capital expenditures. In the digital asset space, **Bitcoin** has seen a correction, recently trading near **$64,800**. This downward pressure is attributed to increased "whale" selling and a general risk-off sentiment triggered by the new tariff environment. Economic Indicators Global growth for 2026 is projected at a subdued **2.6%**. While advanced economies show resilience, emerging markets are facing an uneven recovery. Inflation remains a persistent theme, with core PCE projected to end the year at approximately **2.4%**.