Joseph Wang (Fed Guy)

Markets Weekly March 21, 2026

The episode opens with a special announcement: the host is releasing a second edition of his self‑published guide, Central Banking 101, updated with post‑2021 data and priced at a 50 percent discount for a limited time. He frames the book’s launch amid a turbulent week in financial markets, driven largely by the escalating Middle‑East conflict. Across the United States, United Kingdom and broader Eurozone, two‑year yields jumped roughly 100 basis points, reflecting market expectations of additional rate hikes rather than the previously anticipated cuts. The Federal Reserve’s hawkish shift is underscored by Governor Christopher Waller’s recent remarks, which dismiss the notion of “looking through” a sustained oil price shock and signal no near‑term easing despite recent job losses. Similar upward pressure is evident in Japan, where a rate hike is now widely priced in. The host highlights the geopolitical backdrop: Brent crude hovers near $110, the Strait of Hormuz remains closed, and Iranian missile strikes on Qatari gas fields have reduced global gas capacity. A Trump post on Truth Social hinting at winding down the war briefly lifted markets, yet subsequent reports of Marine deployments and ongoing strikes suggest the conflict’s trajectory remains uncertain. Waller’s quote—“if oil stays high, it bleeds into core inflation”—captures the central tension between energy shocks and monetary policy. For investors, the confluence of higher rates, persistent energy price pressure and a lack of safe‑haven assets has produced a “terrible week” across equities, bonds and gold. Continued escalation could cement higher inflation expectations, constrain growth and heighten recession risk, making the host’s updated banking primer especially timely for market participants seeking to navigate policy‑driven volatility.