“Structurally disorderly”, not just volatile
Tiernan didn’t dress the numbers up – “The first half of 2026 has provided further evidence we are now operating in a world that is structurally disorderly rather than just passing through a period of heightened volatility,” he wrote, pointing to compounding pressure across physical infrastructure, cyber and data systems, financial and banking infrastructure, and the rules-based system underpinning global trade – “all in play at once, interacting and compounding in ways that are difficult to anticipate.”
