March 21
BTC is down 0.04% at 11:20 on Saturday
Bitcoin was little changed last week at $70,539 (down 19.5% ytd)
I asked Grok, :How are sec teams doing in ncaa tourney?"
The SEC has had a strong showing in the 2026 NCAA Men's Basketball Tournament (March Madness) so far. As of March 21, 2026, the first round (Round of 64) is complete, and the second round (Round of 32) is underway or about to start today. The SEC led all conferences with 10 teams qualifying for the tournament (though down from last year's record 14). They posted an impressive 9-2 record in the first round, the best among conferences, advancing 8 teams to the Round of 32—more than any other conference.
General of the Army Dwight Eisenhower, February, 1951
“If in 10 years, all American troops stationed in Europe for national defense purposes have not been returned to the United States, then this whole project [NATO] will have failed.”
Credit Spreads Are Flashing A Warning
Oil is the master switch. If Brent stabilizes below $95, the Fed gets breathing room and rate-cut expectations reopen. If it pushes toward $110, the March CPI will be damaging, and the Fed will stay frozen. Should investors panic? Not yet. Patience is a position.
S&P Oil FX Gold Silver 10Y USM
The S&P500 fell 1.9% (down 5.0% y-t-d)
Ten-year Treasury yields gained 10 bps to 4.38% (up 21bps)
Dollar Index declined 0.7% to 99.647 (up 1.3% y-t-d)
Spot Gold dropped 10.5% to $4,492 (up 4.0%)
WTI Crude slipped 48 cents, or 0.5%, to $98.23 (up 71%).
Gasoline jumped another 8.0% (up 92%)
Brent oil closed at 112.19. WTI crude oil closed at $98.23. Spread at $13.96
Markets are pricing in oil supply destruction and a prolonged disruption to energy flows
The disruption includes important feedstock for fertilizer, and sulfur, helium and aluminum.
Qatar has indicated that it will take several years to rebuild the damage to its LNG facility.
Foreign Minister: Tehran is ready to facilitate passage of Japanese vessels through Strait of Hormuz | Clima
Iraq declared force majeure on all oilfields and drones hit Kuwaiti refineries
Iran Believes It’s Winning—and Wants a Steep Price to End the War
War on Iran: – Longer Range Missiles Threats | Moon
With the demonstration of a 4,000 range launch from Iran, many other U.S. and U.S. allies’ bases are now on notice that they can become Iran’s targets. The launch against Diego Garcia was likely made to send that message.
The missile attacks coincide with Starmer’s belated decision to allow U.S. to use airbase against Iran | Legal
If Today Is Friday...the news comes late in the day | Wauck
Really, only time will tell what’s going on. It does seem clear that Trump wants to TACO. Trump’s latest sure reads like an attempt to declare victory and walk. It even looks like an invitation to China to police the Persian Gulf.
Doug Noland Credit Bubble Bulletin
It was a close call, but the largest ever Q1 options/derivatives expiration went off without an accident. That said, it was anything but pretty. Friday saw a troubling market dynamic in full force. No place to hide. No safe havens. Key “insurance” (Credit default swaps) markets lurching toward dislocation. Global bonds under further heavy selling pressure. Treasuries, MBS, agencies, corporates, and muni bonds all hammered. Stocks clobbered. Precious metals battered. Spreads blowing out. CDS prices spiking higher. Emerging markets bludgeoned. Currency instability taking hold.
Why the Fed’s Next Rate Move Could Be a Hike | Greg Ip, WSJ
Debt Rattle
Friedberg asked Fetterman point-blank, “Who do you think leads the Democratic Party today?” the Pennsylvania senator didn’t flinch. “Oh, we don’t have one,” he said. “I think the TDS, that’s the leader right now. You know, right now our party is governed by the TDS.”
Pictures of the Week
Democrats have created 3 hour wait times at the airport because they don’t want illegal aliens deported. | Insta
MeToo has come for Cesar Chavez, rather late in the game | Neo
Chavez’s cancellation comes now because of his history of being against illegal immigration. That’s his real crime against the left of today, and the reason he’s being exposed. The union organizer was vehemently opposed to undocumented immigrant workers.
Instead of building champions through traditional recruitment, the 73-year-old Pitino has assembled his roster by raiding rival schools—and foreign professional teams—to load his roster with experience. The average age of Pitino’s Red Storm is nearly 21, including former pros who have plied their trade as far afield as Spain and Hungary.
Acqui-hiring is the practice of acquiring a company primarily to hire its employees, rather than for its products or services. This strategy is often used to quickly bring in a skilled team to work on a specific project or to fill a talent gap.
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at 1:00 AM