Blog
The Markets
Sunny with a chance of rain.
Last week, news of a two-week pause in the Middle East conflict was like a sunny day. Investors celebrated and the relief rally lifted U.S. stocks higher. “The cease-fire announced on Tuesday led to the best day for the stock market in almost exactly a year,” reported Avi Salzman of Barron’s.1
On Friday, though, some clouds appeared on the horizon. U.S. economic data and Middle East damage assessments gave investors pause, and the market’s advance slowed as they considered the potential impact of:
- Rising inflation. The Consumer Price Index showed that prices surged from February to March. Gasoline and fuel oil prices were up 18.9 percent and 44.2 percent, respectively.2
| March 2026 2 | February 20263 | January 20264 | December 20255 | |
| Headline inflation | 3.3% | 2.4% | 2.4% | 2.7% |
| Core inflation | 2.6% | 2.5% | 2.5% | 2.6% |
The good news was that core inflation, which excludes volatile food and energy prices, remained relatively steady. “There was no doubt that the spike in gasoline prices was going to drive up price growth in March, but the latest data show the Iran war’s effects on inflation were largely contained to energy, at least for now,” reported Megan Leonhardt of Barron’s.6
- An all-time low for consumer sentiment. Consumer optimism bottomed out in early April, falling 11 percent from month to month and 9 percent from year to year.7 Surveys of Consumers Director Joanne Hsu wrote:
“Demographic groups across age, income, and political party all posted setbacks in sentiment, as did every component of the index, reflecting the widespread nature of this month’s fall. One-year expected business conditions plunged about 20 [percent] and is now 6 [percent] below last April. Assessments of personal finances declined about 11 [percent], with consumers expressing a substantial increase in concerns over high prices and weaker asset values.”7
There is a caveat. Most of the interviews for the survey’s initial monthly reading were conducted before the ceasefire announcement. If the ceasefire holds, sentiment could improve over the month.7
- Energy infrastructure damage assessments. With a two-week ceasefire underway, “…people are waking up to the fact that the war will cause lasting damage…Most obviously, Iran’s control of the Strait of Hormuz is now a fact, and something of which it is taking full advantage. Secondly, a lot of energy infrastructure in the region has been damaged since the war erupted, and some of it will take time to repair,” reported Robin Wigglesworth of the Financial Times.8
Despite Friday’s retreat, major U.S. stock indices finished the week higher.9 In addition, yields on most maturities of U.S. Treasuries moved lower over the week.10
Data as of 4/10/26 | 1-Week | YTD | 1-Year | 3-Year | 5-Year | 10-Year |
| Standard & Poor’s 500 Index | 3.6% | -0.4% | 29.4% | 18.4% | 10.6% | 12.8% |
| Dow Jones Global ex-U.S. Index | 5.0 | 6.6 | 38.7 | 14.6 | 5.4 | 6.7 |
| 10-year Treasury Note (yield only) | 4.3 | N/A | 4.4 | 3.4 | 1.7 | 1.7 |
| S&P GSCI Gold Index | 2.3 | 10.3 | 50.7 | 33.7 | 22.5 | 14.3 |
| Bloomberg Commodity Index | -3.7 | 20.5 | 32.4 | 7.5 | 9.6 | 5.2 |
Sources: Yahoo! Finance; MarketWatch; djindexes.com; U.S. Treasury.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.
THERE’S A NEW TYPE OF RETIREMENT ACCOUNT AND IT’S FOR KIDS. The One Big Beautiful Bill Act, which passed into law last summer, created a new type of retirement account known as the “Trump account”. Here’s what you need to know:
Who is eligible?
These accounts can be opened for any child who is younger than 18-years-old and has a Social Security number. To qualify the child must be age 17 or younger for the entire calendar year in which the account is opened, reported the Schwab Center for Financial Research (SCFR).11
Who can contribute?
The U.S. Treasury will contribute $1,000 to the accounts of children born in the U.S. between January 1, 2025, and December 31, 2028, reported the Center for Retirement Research at Boston College (CRRBC).12
Additional contributions (up to $5,000 each year) can be made by:11,12
- Parents,
- Grandparents,
- Account beneficiaries,
- A parent or child’s employer (up to $2,500 that counts toward the annual limit),
- Charitable organizations (not subject to the $5,000 limit), and
- Federal, state, and local governments (not subject to the $5,000 limit).
Are contributions taxable?
It depends on who makes the contribution. Parents, grandparents, and other individuals do not get a tax break for contributions. However, contributions made by employers or other entities are made on a pre-tax basis, according to the CRRBC.12
When can the money be withdrawn?
These accounts are intended to help young Americans fund their retirements. As a result, investment choices are limited and contributions cannot be withdrawn before the beneficiary reaches age 18. At that point, the account is subject to the same contribution rules as traditional IRAs, which means the account holder will owe taxes on any distributions, reported SCFR.11
How much could an account be worth at retirement?
It’s difficult to know. The account value will depend on how much is contributed and how investments perform over time. The U.S. government’s website estimates account values at various ages, assuming an average annual return of for the Standard & Poor’s 500 Index.13 The average return is about 10.6 [percent], which reflects the returns from 1957 through 2025, reported J.B. Maverick of Investopedia.14 Here’s what they estimate:
| Contribution amount of $1,000 plus: | Account value at age 18 | Account value at age 27 | Account value at age 55 |
| $0 each year | $6,000 | $15,000 | $243,000 |
| $250 each year | $19,000 | $51,000 | $878,000 |
| $5,000 each year | $271,000 | $742,000 | $13,000,000 |
Is it better to contribute to a Trump account, a Roth IRA, or a 529 plan? It all depends. While the free money available to newborns is attractive, other types of accounts may offer greater flexibility and better tax advantages, reported Abby Schultz of Barron’s.15
If you would like to learn more about ways to help young Americans save and invest for the future, please get in touch.
WEEKLY FOCUS – THINK ABOUT IT
“The best time to plant a tree was 20 years ago. The second best is now.”16 – Oxford Treasury of Sayings and Quotations
* These views are those of Carson Coaching, not the presenting Representative, the Representative’s Broker/Dealer, or Registered Investment Advisor, and should not be construed as investment advice.
* This newsletter was prepared by Carson Coaching. Carson Coaching is not affiliated with the named firm or broker/dealer.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value. However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the 3:00 p.m. (London time) gold price as reported by the London Bullion Market Association and is expressed in U.S. Dollars per fine troy ounce. The source for gold data is Federal Reserve Bank of St. Louis (FRED), https://fred.stlouisfed.org/series/GOLDPMGBD228NLBM.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* The risk of loss in trading commodities and futures can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage is often obtainable in commodity trading and can work against you as well as for you. The use of leverage can lead to large losses as well as gains.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
Sources:
1 https://www.barrons.com/articles/war-inflation-stock-market-df2a811a?mod=hp_LEDE_B_1 or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/04-13-26-Barrons-War-Inflation-%201.pdf
2 https://www.bls.gov/news.release/cpi.nr0.htm
3 https://www.bls.gov/opub/ted/2026/consumer-prices-up-2-4-percent-over-year-ended-february-2026.htm
5 https://www.bls.gov/news.release/archives/cpi_01132026.htm#
6 https://www.barrons.com/livecoverage/inflation-report-cpi-data-march-fed-rate-cuts/card/inflation-wasn-t-as-bad-as-feared-why-it-won-t-make-the-fed-s-life-easier–KY53ecxD2vNCA3qsUkA9 or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/04-13-26-Barrons-Inflation-Wasnt-as-Bad%20-%206.pdf
7 https://www.sca.isr.umich.edu or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/04-13-26-UoM-Survey-of-Consumers%20-%207.pdf
8 https://www.ft.com/content/73deaed8-4458-426f-955c-00f5be73ce69 or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/04-13-25-Financial-Times-Surveying-The-Middle-Easts%20-%208.pdf
9 https://www.barrons.com/market-data?mod=BOL_TOPNAV or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/04-13-26-Barrons-DJIA-S&P-Nasdaq%20-%209.pdf
11 https://www.schwab.com/learn/story/ins-and-outs-new-trump-kids-accounts
12 https://crr.bc.edu/trump-accounts-a-primer-for-parents/
13 https://www.trumpaccounts.gov
14 https://www.investopedia.com/ask/answers/042415/what-average-annual-return-sp-500.asp
15 https://www.barrons.com/articles/trump-accounts-advantages-disadvantages-603f9f82? or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/04-13-26-Barrons-Trump-Accounts-May-Come%20-%2015.pdf
16 Ratcliffe, Susan, Oxford Treasury of Sayings and Quotations, October 13, 2011 or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/04-13-26-Oxford-Treasury-of-Sayings%20-%2016.pdf
The Markets
The first three months of 2026 felt a bit like summer school.
In summer school, students learn a lot in a short amount of time. A normal semester gives students about 15 to 17 weeks to learn, but summer classes cram all that information into 6 to 8 weeks. The lessons move quickly and it can be hard to keep up.
That’s what the markets felt like in the first quarter of the year. Investors had to take in a lot of new information very quickly to keep up with economic data, interest rate changes, and global events. Here is a brief recap:
- Enthusiasm for artificial intelligence (AI) tempered. “Technology stocks have been pummeled since peaking in October amid growing concern about whether hefty spending on artificial intelligence will pay off, while more recently the escalating war in Iran further dented risk appetites,” reported Alexandra Semenova of Bloomberg.1
- Investors looked past geopolitics – until they didn’t. Geopolitical upheaval has been a hallmark of 2026. We’ve seen a United States military incursion into Venezuela, strong talk about the U.S. invading Greenland and Cuba, and policy choices that have reshaped global alliances and rewired the world economy.2,3 Investors took it all in stride until recently.
“The world and the markets changed on Feb. 28, when the U.S. and Israel launched attacks on Iran. In the opening days, investors believed the war would be brief…Over a month has passed, and not only is the war continuing and the Strait still closed, but there has also been significant damage to a key LNG facility in Qatar and a pair of major aluminum production plants,” reported Tom Lauricella of Morningstar.4
- Expectations for rate hikes instead of rate cuts. In 2025, the Federal Reserve (Fed) cut the federal funds rate three times. At the start of this year, with inflation closing in on the Fed’s target and employment softening, market analysts anticipated the Fed would continue to lower the rate in 2026, reported Sarah Hanson of Morningstar.5
That’s no longer the case. “Economies around the world are coping with an energy shock that has revived inflation worries, opened the door to interest rate hikes instead of cuts, and raised concerns about slowing economic growth,” reported Lauricella.4
- U.S. Treasury yields rose. Before the Middle East conflict began, the yield on the 10-year U.S. Treasury (a benchmark for mortgage rates) moved briefly below 4 percent. After military action began, the yield moved higher and finished at 4.35 percent last week.6
- Government debt climbed. “The United States just marked another unfortunate milestone: surpassing $39 trillion in national debt. This level of debt is more than the economic output of China and the entire Eurozone, combined. As a percentage of GDP, our debt levels are close to the level of debt after World War II. Worse still, U.S. debt is accelerating relative to history; put another way, we are adding debt faster than ever,” reported the Peter G. Peterson Foundation.7
- Companies continued to perform well. Publicly traded companies have proved nimble, adapting to the rapid pace of political and economic change. During the last three months of 2025, in aggregate, companies in the Standard & Poor’s 500 Index (S&P 500) reported earnings growth of 14.0 percent. It was the fifth straight quarter of double-digit earnings growth, reported John Butters of FactSet.8
Early last week, the S&P 500 was on the brink of correction, down 9.1 percent (a 10 percent decline signals a correction) when it rebounded. Investor optimism about an early end to the Middle East conflict, along with unexpected economic data showing strong employment gains for March and improved activity in the manufacturing sector drove stocks higher.9,10 The yield on the 30-year Treasury bond ended the week at 4.91 percent.6
Data as of 4/3/26 | 1-Week | YTD | 1-Year | 3-Year | 5-Year | 10-Year |
| Standard & Poor’s 500 Index | 3.4% | -3.8% | 16.1% | 16.9% | 10.1% | 12.3% |
| Dow Jones Global ex-U.S. Index | 1.8 | 1.5 | 24.2 | 12.4 | 4.5 | 6.2 |
| 10-year Treasury Note (yield only) | 4.3 | N/A | 4.2 | 3.4 | 1.7 | 1.8 |
| S&P GSCI Gold Index | 3.4 | 7.8 | 47.8 | 32.8 | 22.0 | 14.4 |
| Bloomberg Commodity Index | 2.3 | 25.1 | 28.3 | 8.8 | 10.6 | 5.9 |
S&P 500, Dow Jones Global ex-US, S&P GSCI Gold Index, Bloomberg Commodity Index returns exclude reinvested dividends. The three-, five-, and 10-year returns are annualized; and the 10-year Treasury Note is simply the yield at the close of the day on each of the historical time periods.
Sources: Yahoo! Finance; MarketWatch; djindexes.com; U.S. Treasury.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.
IS IT AN APRIL FOOLS JOKE OR ISN’T IT? On April 1, it can be difficult to tell truth from fiction. Brands get bold, headlines get weird, and even your most trustworthy friends might be in on the joke. Here’s a challenge. Read through these short descriptions of news stories. Two are classic April Fool’s pranks designed to trick, delight, or confuse. One is real. Think you can spot it?
Story 1: The last days of paper currency
“The days of pulling a crumpled $20 bill out of your wallet may be numbered. The U.S. Treasury has officially greenlit a sweeping monetary overhaul that will replace all paper currency with a combination of government-issued cryptocurrency and physical gold coins by 2027. The plan calls for a full phase-out of paper money in favor of two new official forms of payment: TrumpCoin, a blockchain-based digital currency, and a line of gold coins embossed with the president’s likeness…,’” reported Laura Beck of GoBanking Rates.com.11
Story 2: AI agents hire humans
There’s a new job board online. While it looks a lot like other websites that connect freelance talent to companies that need it, there’s a big difference. Instead of humans looking for human help, this website is for AI agents that need human help, explained Reece Rogers of Wired.12 The company’s website states: AI needs your body. Get paid when agents need someone in the real world.
Story 3: Pants that improve your golf game
For years, [a top golf brand] has helped golfers improve their game. It offers insights on every club and every shot. Its rangefinder factors in wind, slope, and atmospheric pressure. In April, the company introduced smart pants, an innovation that continuously monitors players’ key performance indicators as they traverse a course. The biometric trousers track “heart rate variability, stress levels, and first-tee anxiety,” according to the company.13
While smart golf pants may be on the horizon, they’re not here yet. The U.S. currency change is also April Fool’s mischief. The fact is that AI agents really are hiring humans to complete real-world tasks!
What was your favorite April Fool’s joke this year?
WEEKLY FOCUS – THINK ABOUT IT
“There is nothing in the world so irresistibly contagious as laughter and good humor.”14― Charles Dickens, Author
* These views are those of Carson Coaching, not the presenting Representative, the Representative’s Broker/Dealer, or Registered Investment Advisor, and should not be construed as investment advice.
* This newsletter was prepared by Carson Coaching. Carson Coaching is not affiliated with the named firm or broker/dealer.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value. However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the 3:00 p.m. (London time) gold price as reported by the London Bullion Market Association and is expressed in U.S. Dollars per fine troy ounce. The source for gold data is Federal Reserve Bank of St. Louis (FRED), https://fred.stlouisfed.org/series/GOLDPMGBD228NLBM.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* The risk of loss in trading commodities and futures can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage is often obtainable in commodity trading and can work against you as well as for you. The use of leverage can lead to large losses as well as gains.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
Sources:
1 https://www.bloomberg.com/news/articles/2026-03-30/rout-in-big-tech-stocks-sends-a-signal-that-has-preceded-gains or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/04-06-26-Bloomberg-Big-Tech-Stocks-Rout%20-%201.pdf
2 https://www.bloomberg.com/opinion/features/2026-03-22/iran-war-trump-is-making-america-weaker-and-stronger or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/04-06-26-Bloomberg-Trump-Is-Making-America%20-%202.pdf
3 https://www.cnn.com/2026/01/05/world/greenland-cuba-iran-trump-warning-intl
4 https://www.morningstar.com/markets/6-charts-that-define-first-quarter-markets
5 https://www.morningstar.com/markets/whats-next-fed-2026
7 https://www.pgpf.org/article/the-united-states-is-adding-to-the-national-debt-faster-than-ever/
8 https://insight.factset.com/earnings-insight-infographic-q4-2025-by-the-numbers
9 https://www.barrons.com/articles/bull-market-stocks-wall-street-a07d4b80? or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/04-06-26-Barrons-This-Market-Has-Charged%20-%209.pdf
10 https://www.barrons.com/articles/us-manufacturing-rebound-oil-shock-risks-e7f70656? or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/04-06-26-Barrons-US-Maufacturing-Rebound%20-%2010.pdf
12 https://www.wired.com/story/i-tried-rentahuman-ai-agents-hired-me-to-hype-their-ai-startups/
The Markets
U.S. stocks moved lower last week.
The journey toward long-term financial goals is often interrupted by unexpected events that create stress and uncertainty. That’s one reason financial plans are built with a keen eye to risk tolerance. When disruptive events occur and financial markets lose value, even the most experienced investors have questions and concerns.
Over the last few months, markets have traveled a particularly bumpy road. We’ve seen:
Geopolitics create uncertainty. The United States government has been reshaping economic and geopolitical relationships with the rest of the world. Last week, the military conflict in Iran took a toll on financial markets. Lu Wang and Isabelle Lee of Bloomberg reported, “Market declines sparked by the Iran war are morphing into a full-blown rout across Wall Street. Efforts to broker an end to the fighting and restart the flow of Middle East oil produced only further escalation, which in turn fueled an ever-greater sense of dread in markets.”1
Forecasts for economic growth and inflation change. Last week, the Organization for Economic Cooperation and Development (OECD) stated that “conflict in the Middle East is testing the resilience of the global economy.”2 Its March 2026 Economic Outlook forecasts that inflation will move sharply higher in 2026.
| Economic growth2 (after inflation) | Inflation2 (including food and energy prices) | |||||
| 2025 | 2026 | 2027 | 2025 | 2026 | 2027 | |
| United States | 2.1% | 2.0% | 1.7% | 2.6% | 4.2 % | 1.6% |
| G20 countries | 3.3% | 3.0% | 3.0% | 3.4% | 4.0% | 2.7% |
| Source: OECD. The G20, which encompasses more than 20 entities, includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, the European Union and the African Union. | ||||||
Consumer optimism fade. In early March, consumer sentiment improved. Those gains reversed later in the month after the conflict in Iran began, according to the University of Michigan (UofM) Consumer Survey. By month’s end, the Sentiment Index was lower month over month and year over year.3
“Consumers with middle and higher incomes and stock wealth, buffeted by both escalating gas prices and volatile financial markets in the wake of the Iran conflict, exhibited particularly large drops in sentiment,” reported Surveys of Consumers Director Joanne Hsu.3
Sentiment is an important indicator of consumer spending, which is the key driver of U.S. economic growth. Falling sentiment may translate to lower spending and slower economic growth, and vice versa, reported Aja McClanahan of U.S. News & World Report.4
Government deficits and debts increase. Last week, the U.S. national debt rose above $39 trillion for the first time, according to the Peter G. Peterson Foundation, causing the U.S. Fiscal Confidence Index to drop to the lowest level in nearly two years. “There is a fundamental imbalance between [government] spending and [tax] revenues that will continue to grow in future years,” reported the Foundation.5,6
Last week, the Nasdaq Composite Index and Dow Jones Industrial Average both moved into correction territory, meaning they declined 10 percent or more from previous highs. The Standard & Poor’s 500 Index also moved lower, according to Jacob Sonenshine of Barron’s.7 Bond yields rose, influenced “by rising inflation expectations but also by a repricing of what central banks intend to do next, a shift playing out from Washington to Frankfurt to Tokyo, according to Wang and Lee.1
If you’re feeling uncertain, please get in touch. We’re happy to discuss any questions or concerns you may have.
Data as of 3/27/26 | 1-Week | YTD | 1-Year | 3-Year | 5-Year | 10-Year |
| Standard & Poor’s 500 Index | -2.1% | -7.0% | 11.9% | 17.0% | 9.9% | 12.1% |
| Dow Jones Global ex-U.S. Index | -0.5 | -0.3 | 19.8 | 13.0 | 4.3 | 6.0 |
| 10-year Treasury Note (yield only) | 4.4 | N/A | 4.4 | 3.5 | 1.7 | 1.9 |
| S&P GSCI Gold Index | -1.9 | 4.2 | 46.4 | 31.9 | 21.4 | 14.0 |
| Bloomberg Commodity Index | 0.0 | 22.3 | 27.1 | 9.0 | 9.8 | 5.4 |
S&P 500, Dow Jones Global ex-US, S&P GSCI Gold Index, Bloomberg Commodity Index returns exclude reinvested dividends. The three-, five-, and 10-year returns are annualized; and the 10-year Treasury Note is simply the yield at the close of the day on each of the historical time periods.
Sources: Yahoo! Finance; MarketWatch; djindexes.com; U.S. Treasury.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.
WHAT DO YOU KNOW ABOUT FICTIONAL WEALTH? When markets are volatile, we can all use some light-hearted fun.Recently, a financial website picked up where Forbes left off in 2013 by publishing the “Fictional 15”, a list of wealthy characters from fiction (movies, books, cartoons, television, video games, and comics).8,9 See what you know about fictional wealth by taking this brief quiz.
- Why did Forbes originally create the Fictional 15 List?10
- A. Estimating the wealth of dragons, comic book moguls, and cartoon tycoons, allowed Forbes analysts to explore unconventional asset classes.
- B. Cruella de Vil financed it because she likes to see her name in print.
- C. Wealthy people often are reduced to caricatures, Forbes decided to satirize that by treating fictional characters as real people.
- D. People like reading about wealthy people, fictional or not.
- Which fictional character topped the 2025 list of richest fictional characters?9
- A. Scrooge McDuck, richest duck in the world
- B. Forrest Gump, shrimping magnate
- C. T’Challa, King of Wakanda
- D. Tony Stark, Iron Man
- Why was Santa Claus removed from the Forbes Fictional 15 list?11
- A. Santa preferred not to publish data about his net worth.
- B. Analysts struggled to apply traditional valuation models to Santa’s operation.
- C. People objected to Santa being on a list of fictional characters.
- D. Santa’s business model of delivering packages for free in a single night was economically disruptive.
- Who was the only woman to be included on the list in 2025?9
- A. Carol Miller, Mom in Futurama
- B. Lara Croft, Archeologist
- C. Lady Mary Crawley, Downton Abbey
- D. The Tooth Fairy
While none of us has a dragon’s hoard or a magic money tree, we all have the opportunity to build wealth by saving and investing.
WEEKLY FOCUS – THINK ABOUT IT
“Passion is one great force that unleashes creativity, because if you’re passionate about something, then you’re more willing to take risks.”12
― Yo-Yo Ma, Cellist Answers: 1) c; 2) c; 3) c; 4) b
* These views are those of Carson Coaching, not the presenting Representative, the Representative’s Broker/Dealer, or Registered Investment Advisor, and should not be construed as investment advice.
* This newsletter was prepared by Carson Coaching. Carson Coaching is not affiliated with the named firm or broker/dealer.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value. However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the 3:00 p.m. (London time) gold price as reported by the London Bullion Market Association and is expressed in U.S. Dollars per fine troy ounce. The source for gold data is Federal Reserve Bank of St. Louis (FRED), https://fred.stlouisfed.org/series/GOLDPMGBD228NLBM.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* The risk of loss in trading commodities and futures can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage is often obtainable in commodity trading and can work against you as well as for you. The use of leverage can lead to large losses as well as gains.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
Sources:
1 https://www.bloomberg.com/news/articles/2026-03-27/wall-street-reels-as-iran-war-shatters-its-portfolio-defenses?srnd=homepage-americas or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/03-30-26-Bloomberg-Wall-Street-Reels%20-%201.pdf
3 https://www.sca.isr.umich.edu or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/03-30-26-U-of-M-Surveys-of-Consumers%20-%203.pdf
5 https://www.pgpf.org/press/2026-3-fci-press-release/
6 https://www.pgpf.org/our-national-debt/
7 https://www.barrons.com/articles/stock-market-bottom-closer-than-you-think-a61e7557? or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/03-30-26-Barrons-The-Stock-Markets-Bottom%20-%207.pdf
8 https://en.wikipedia.org/wiki/Forbes_Fictional_15
9 html https://www.yahoo.com/lifestyle/articles/15-richest-fictional-characters-much-000009560.html
10 https://www.forbes.com/2005/12/01/fictional15-rich-methodology-cx_mn_1201method.
The Markets
The interest rate outlook shifted.
Last week, central banks around the globe met to set policy rates. While most chose to leave rates unchanged, many expressed concern about the potential economic consequences of the War in Iran, reported Holly Ellyatt of CNBC.1
“Central bankers in Japan, Indonesia and Taiwan opted to stay on the sidelines, as did their counterparts in the U.S., Canada, the U.K. and Europe. The notable exception was Australia, where policymakers narrowly voted to raise rates…,” reported Jihye Lee and Fabiana Negrin Ochoa in Morningstar News.2
The Federal Reserve held rates steady
In the United States, the Federal Open Market Committee (FOMC), which is the Federal Reserve’s (Fed’s) rate-setting body, kept the federal funds rate unchanged.3 In addition, the FOMC summary of economic projections indicated Fed officials expect to see faster economic growth and higher inflation in 2026.4 Nicole Goodkind of Barron’s described the Fed’s current challenge:
“One rate cut technically remains on the table this year. But the bar to deliver it is higher. The Fed is caught between an inflation overshoot it can’t dismiss, an oil shock it can’t predict, a labor market on a knife’s edge, and a leadership transition tangled in legal uncertainty,” reported Goodkind.3
At the post-meeting press conference, Fed Chair Jerome Powell indicated he plans to remain on the Fed board until a new Chair is confirmed and the current investigation of the Fed by the Department of Justice is finished.5
Investor optimism faded
Investors considered the actions and rhetoric of global central banks and seemed to settle on the idea that policy rates could move higher this year. In response, bond yields began to rise.6
“Global bond markets extended one of their biggest selloffs in a year on Friday, taking benchmark Treasury bonds sharply higher and weighing on stocks in markets around the world, with investors ripping up bets on central bank interest rate cuts as war in the Middle East shows no signs of ending,” reported Martin Baccardax of Barron’s.6
Last week, major U.S. stock indexes moved lower,7 while yields on most maturities of U.S. Treasuries moved higher.8
Data as of 3/20/26 | 1-Week | YTD | 1-Year | 3-Year | 5-Year | 10-Year |
| Standard & Poor’s 500 Index | -1.9% | -5.0% | 14.9% | 18.1% | 10.6% | 12.2% |
| Dow Jones Global ex-U.S. Index | -1.6 | 0.2 | 19.3 | 13.8 | 4.2 | 5.9 |
| 10-year Treasury Note (yield only) | 4.4 | N/A | 4.2 | 3.5 | 1.7 | 1.9 |
| S&P GSCI Gold Index | -9.6 | 6.2 | 50.1 | 32.1 | 21.5 | 14.0 |
| Bloomberg Commodity Index | -0.6 | 22.3 | 26.8 | 9.4 | 9.6 | 5.2 |
S&P 500, Dow Jones Global ex-US, S&P GSCI Gold Index, Bloomberg Commodity Index returns exclude reinvested dividends. The three-, five-, and 10-year returns are annualized; and the 10-year Treasury Note is simply the yield at the close of the day on each of the historical time periods.
Sources: Yahoo! Finance; MarketWatch; djindexes.com; U.S. Treasury.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.
WHAT’S THE DIFFERENCE BETWEEN GENERATIVE AI AND AGENTIC AI? Many Americans rely on artificial intelligence (AI) tools every day, sometimes without realizing they’re doing so. Voice-activated home assistants, for example, are useful for checking the weather, setting reminders, or listening to music. Voice assistants are just one form of AI. Over the past few years, two more powerful approaches have emerged that are reshaping how we work: generative (gen) AI and agentic AI.
Gen AI: Responds to prompts
Gen AI chatbots have become widely available. This type of AI is reactive and task-oriented, helping people conduct research, draft emails, create images, write music, and code websites, reported Adam Zewe of MIT News. Gen AI systems: 9
- Recognize patterns and rely on that knowledge to predict what comes next.
- Respond to user prompts, which affect the quality of output.
One drawback is that AI chatbots can hallucinate, meaning they confidently generate inaccurate answers. When using gen AI, human guidance and oversight are required to ensure the quality of the end product.9
AI agent: Acts on its own
Last year, agentic AI became more prevalent. Agentic AI systems are partially or fully autonomous, meaning they perceive, reason, and act without human supervision, according to Beth Stackpole of MIT’s Ideas Made to Matter.10 AI agents are:
- Integrated with software systems to complete complex tasks independently, and
- Contained by robust strategy and risk management frameworks.
There are risks and challenges to agentic AI. Stackpole cautioned that organizations implementing these tools may find them to be unreliable or prone to unethical behavior. There are also cybersecurity and accountability issues.10
What do we want AI to do?
Recently, Bloomberg’s Sommer Saadi and Stephanie Flanders spoke with Nobel Prize–winning economist Daron Acemoglu, who believes that “the greatest economic benefits would come from ‘pro-worker AI’ that enhances human capabilities, enabling workers to perform more complex and valuable tasks. But current business incentives, market structures and policy frameworks favor labor replacement.”11
As AI continues to evolve, the stakes of getting it right are becoming considerably higher. The question is no longer how AI can help us work smarter; it’s how we ensure these tools serve people. Whether the future belongs to pro-worker AI or labor-replacing automation will depend less on the technology and more on the choices organizations, policymakers, and workers make today.
WEEKLY FOCUS – THINK ABOUT IT
“Even the darkest night will end and the sun will rise.”12
― Victor Hugo, Author
* These views are those of Carson Coaching, not the presenting Representative, the Representative’s Broker/Dealer, or Registered Investment Advisor, and should not be construed as investment advice.
* This newsletter was prepared by Carson Coaching. Carson Coaching is not affiliated with the named firm or broker/dealer.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value. However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the 3:00 p.m. (London time) gold price as reported by the London Bullion Market Association and is expressed in U.S. Dollars per fine troy ounce. The source for gold data is Federal Reserve Bank of St. Louis (FRED), https://fred.stlouisfed.org/series/GOLDPMGBD228NLBM.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* The risk of loss in trading commodities and futures can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage is often obtainable in commodity trading and can work against you as well as for you. The use of leverage can lead to large losses as well as gains.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss. * Consult your financial professional before making any investment decision.
Sources:
1 https://www.cnbc.com/2026/03/19/ecb-boe-swiss-national-bank-riksbank-interest-rate-decisions.html
3 https://www.barrons.com/articles/powell-federal-reserve-interest-rates-e5af6407? or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/03-23-26-Barrons-Higher-Oil-Higher-Inflation%20-%203.pdf
4 https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20260318.pdf
5 https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20260318.pdf [Transcript]
6 https://www.barrons.com/articles/treasuries-extend-slump-likelihood-of-fed-rate-cuts-fades-610329a2? or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/03-23-26-Barrons-Treasuries-Extend-Slump%20-%206.pdf
7 https://www.barrons.com/market-data?mod=BOL_TOPNAV or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/03-23-26-Barrons-DJIA-S&P-Nasdaq%20-%207.pdf
9 https://news.mit.edu/2023/explained-generative-ai-1109
10 https://mitsloan.mit.edu/ideas-made-to-matter/agentic-ai-explained
11 https://www.bloomberg.com/news/articles/2026-03-18/podcast-ai-is-being-built-to-replace-you-not-help-you or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/03-23-26-Bloomberg-AI-Is-Being-Built-to-Replace-You%2011.pdf
12 https://www.goodreads.com/work/quotes/3208463-les-mis-rables