The illusion of a clean macroeconomic soft landing has officially dissolved into the realities of the physical supply chain. As shown in the following chart, the March 2026 Strait of Hormuz closure marked a definitive turning point for global consumer prices, breaking a multi-year disinflationary trend and sparking an upturn in global inflation rates.

Prior to this event, major economies were enjoying a steady cooling period, with inflation metrics drifting lower from their multi-year peaks. However, the sudden disruption in the physical energy floor quickly rippled through international pricing models, reversing that progress and sending United States inflation climbing back toward 3.80%, while the Euro Area has moved up to 3.20%. Even highly insulated regional economies are feeling the pressure, with Malaysia and Indonesia experiencing distinct upturns to 1.90% and 3.08% respectively.

This physical shock has severely altered localized forecasts, a reality clearly illustrated in the following chart, which tracks the evolution of Singapore’s 2026 inflation projections.

Late last year, both the Monetary Authority of Singapore and private sector consensus anticipated a comfortable soft landing, anchoring their initial baseline expectations at a manageable 1.4%. That paper-driven thesis proved vulnerable as early 2026 brought a sticky paper market, eventually forcing an aggressive mid-2026 pivot. Driven entirely by the Strait of Hormuz constraints, the private sector consensus has broken out of the old boundaries, leaping to 2.15% as the broader MAS forecast range stretches up to 2.5%.

In this month’s issue of THE MACRO GPS®, we break down the inflation shifts and moving into future growth areas with our Asset allocation Strategy and finally our performance review. What this new macro map means for your capital in 2026.

Let’s dive in.

Sincerely,