Monthly Update – March 2026
Comment:
US equity markets, as measured by the S&P 500, fell sharply last month. Technology stocks, as measured by the NASDAQ 100, also fell sharply. European stocks, as measured by the Euro Stoxx 50, fell sharply last month. Looking at the MSCI global index, we see that global equities as a whole fell sharply. Overall, it was a negative month for equity markets.
The US dollar strengthened against a basket of other currencies last month.
US Treasury yields rose last month for both shorter and longer maturities. Yields for most maturities remain higher than in previous years, providing investors with more attractive returns than in the past. These higher yields may also put pressure on equity prices.
In the precious metals market, gold and silver prices fell. Brent and WTI crude oil prices rose significantly over the same period.
The current key interest rate set by the US Federal Reserve is between 3.50% and 3.75%. Current policy and expectations suggest that we can continue the downward trend and further gradual rate cuts are expected in the future. However, the outlook remains uncertain as the inflation situation and the economic impact of interest rates are continuously assessed.
The European Central Bank left its key interest rate at 2.15% and is expected to remain at this level.
Inflation in the US and the euro area is at an acceptable level. The latest annual inflation rate is 2.40% in the US and 1.90% in the euro area.
Macro environment:
USA
GDP Growth: 0.70
Interest Rate: 3.75
Inflation: 2.40
Jobless Rate: 4.40
Euro Area:
GDP Growth: 0.20
Interest Rate: 2.15
Inflation: 1.90
Jobless Rate: 6.10
Government bond yields:
USA (USD)
1Y: 3.77
2Y: 3.92
10Y: 4.44
20Y: 5.01
Germany (EUR)
1Y: 2.50
2Y: 2.68
10Y: 3.10
20Y: 3.51
Significant positions in the portfolio:
BRK.B - Berkshire Hathaway Inc
IB01.L - iShares $ Treasury Bond 0-1yr UCITS ETF
WBD - Warner Bros Discovery Inc
TLT - 20+ Year Trsy Bond Ishares
C - Citigroup
ETOR - eToro Group LTD
MKL - Markel Corp
OXY - Occidental Petroleum Corp
VOW3.DE - Volkswagen AG
FNV - Franco-Nevada Corp
Best regards,
Jaroslav Spacil... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
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Mon Jun 15 2026 01:09:17 GMT+0000 (Coordinated Universal Time)
