Weekly Market Update – March 23, 2026
- Taylor Champion
- 5 minutes ago
- 3 min read
Price Return Last Week
S&P 500 (1.9%) S&P Mid Cap (1.3%) Russell 2000 (1.7%)
MSCI EAFE (2.1%) MSCI EM (0.4%)
10 Yr US Treasury Rate – rose from 4.29% to 4.39%
Source: Refinitiv Eikon
Recent News
Fed Meeting – Federal Reserve officials voted 11-1 to keep interest rates in a range between 3.50%-3.75%. Recent Trump appointee Stephen Miran was the lone dissenting vote, continuing to vote in favor of an interest rate cut. The yield on a 2-year Treasury has jumped over 0.50% in the last two weeks, the biggest two-week increase since May 2023. The market no longer predicts any interest rate cuts by the Federal Reserve in 2026 and is currently forecasting the next move will be a hike in June, in what could be the first meeting as Fed Chair for nominee Kevin Warsh.
Source: The Wall Street Journal
Fed Chair Comments – For the first time in public, Fed Chair Jerome Powell indicated that he did not plan to leave the Fed after his term as Fed Chair ends on May 15. In addition to Powell’s term as Fed Chair, he holds a separate term as a Fed Board of Governor member that doesn’t end until early 2028. While it is rare that the Fed Chair would remain on the Board after their chair ends, Powell noted that he has “no intention of leaving” until the Justice Department investigation of him is complete and may not leave even after that concludes. Instead, he stated that he wants to do what is “best for the institution.” If Powell were to leave his governor post early, President Trump would have the opportunity to nominate a new governor, a factor that likely contributes to Powell’s thinking on the matter.
Source: The Wall Street Journal
Tariff Refunds On Hold – A federal judge ruled on Wednesday that the Trump administration must refund all global tariffs that the Supreme Court struck down last month. However, on Friday this order was suspended from “immediate compliance” to allow the U.S. Customs and Border Protection time to comply. The CBP estimated they could begin issuing refunds on roughly $166 billion in late April. They noted that over 300,000 importers had already made more than 53 million claims as of Wednesday.
Source: CNBC.com, The Wall Street Journal
Iran Attacks Qatar - Iran launched attacks on energy facilities in Qatar that caused significant damage. QatarEnergy CEO stated that the attack’s damaged facilities that produce 17% of the company’s liquefied natural gas (LNG) export capacity and it will take approximately three to five years to repair the damage.
Source: Thomson Reuters
Gas Prices Surge – The average price for a regular gallon of gasoline in the U.S. increased to $3.94 on Sunday, the highest price since September 2023 and up over $1 in the last month. Economists at Oxford Economics estimate that if gas prices average $3.70 a gallon all year, it will cost consumers an extra $70 billion, slightly more than the estimated $60 billion that U.S. taxpayers are expected to see in increased tax refunds this year due to tax cuts enacted into law in 2025.
Source: The Associated Press
Sleep Like a Baby – In their first year of life, it is estimated that newborn babies will be asleep roughly 60% of the time, or approximately 225 days. Despite this rest, it is estimated that babies deprive their parents of over 1,000 hours of sleep, or approximately 44 days.
Source: Cleveland Clinic, Snuz
Upcoming Events
3/24 – S&P Manufacturing PMI, S&P Services PMI
Source: Refinitiv Eikon
This material is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Views are as of the date shown and may change. Forecasts and forward-looking statements are not guarantees of future results. Information is believed reliable but not guaranteed for accuracy or completeness; third-party sources are not affiliated with Chesley, Taft & Associates (CTA). Indexes are unmanaged, not investable, and shown for illustrative purposes only. Past performance is not indicative of future results. Viewing this material does not create an advisory relationship with CTA.