Markets rocked, rebound
The Dow closed at 45,577.47 after a nearly 1% drop, then staged its best day since early February on March 23 after President Trump paused planned strikes on Iran. At the same time the 10‑year Treasury yield hit 4.40% as traders abandoned hopes for 2026 Fed cuts, leaving mortgage rates elevated. ( )
President Trump ordered a five‑day pause on “any and all military strikes” against Iranian power plants while he said talks with Tehran were “very good and productive.” (politico.com)) The S&P 500 jumped about 2.23% on March 23 as global risk sentiment swung on the Iran update. (livemint.com)) Dow futures briefly surged more than 1,000 points intraday before the session settled, reflecting a sharp intraday reversal. (cnbc.com)) Brent crude futures plunged as much as roughly 14–14.5% intraday to a low near $96 a barrel before recovering toward about $100–$103, while WTI traded near $91 after the move. (firstpost.com)) Short‑end Treasury yields spiked: the two‑year U.S. Treasury climbed to about 4% — its highest level since last June — even as longer maturities repriced on renewed “higher‑for‑longer” inflation concerns. (bloomberg.com)) Mortgage rates remained elevated across lenders, with daily surveys showing 30‑year fixed averages in the mid‑6% range (reports ranged roughly from 6.25% to about 6.47% on March 23). (fortune.com)) Market pricing effectively pushed expected 2026 Fed rate cuts toward zero as traders reweighted the path for policy in response to the energy‑inflation shock, and the next Fed decision is scheduled for April 29, 2026. (clearstead.com))
