The week of the IMF Spring Meetings were characterised by a stark contrast. Markets focused on fading war risks and kept rallying. But official sector and analysts’ warnings about public debt, energy security, future of the USD, and Fed leadership risks loomed over the meetings. Commodity price/supply shocks likely to be substantial; growth forecasts are at risk. Energy source diversification, reserves, infrastructure, and renewables under focus. China better positioned via stocks, suppliers, coal, and green energy progress. War worsens debt, deficits and balance-of-payments strains extend to nations beyond the combatants. USD faces trust/payment-system challenges; Fed transition uncertainty is rising.

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