Fisher Investments Reviews: Last Week in Markets—March 16 - March 20

In the US, February industrial production increased 0.2% m/m and 1.4% y/y, while manufacturing production rose 0.2% m/m and 1.3% y/y. The Federal Reserve kept interest rates steady at 3.5% – 3.75%. Many headlines speculate higher oil prices may reignite inflation—preventing further rate cuts or perhaps even triggering rate hikes. While central bankers overreacting to high oil prices is a potential risk worth monitoring, the global yield curve is nicely positive today, and incremental rate adjustments (up or down) likely won’t materially alter this underlying bullish factor in the near term. For more, see our 3/19/2026 commentary, “Around the World in Central Banking, Iran War Edition.”           

In the UK, the unemployment rate remained unchanged at 5.2% in the three months ending in January. The Bank of England left their benchmark Bank Rate unchanged at 3.75%. In the eurozone, February consumer inflation was 1.9% y/y, in line with estimates. February core consumer inflation (which excludes energy, food, alcohol, and tobacco) was 2.4% y/y, matching forecasts. The European Central Bank left interest rates unchanged at 2.15%. 

 In Japan, January retail sales increased 1.8% y/y. January industrial production rose 4.3% m/m and 0.7% y/y. February preliminary imports and exports rose 10.2% y/y and 4.2% y/y, respectively. The Bank of Japan left interest rates unchanged at 0.75%. In China, February industrial production increased 6.3% y/y, higher than forecasts. February retail sales grew 2.8 y/y, above expectations. The unemployment rate ticked up to 5.3% in February, above forecasts.

 The Week Ahead

The US, UK, eurozone and Japan report preliminary March purchasing managers’ indexes (PMIs). The UK and Japan release February consumer inflation. The UK reports February retail sales. The eurozone releases February money supply (M3). Japan reports February trade data.

Source for all data cited is FactSet. This update constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. No assurances are made we will continue to hold these views, which may change at any time based on new information, analysis or reconsideration. In addition, no assurances are made regarding the accuracy of any forecast made herein. Global equities are represented by the MSCI World Index. The MSCI World Index measures the performance of selected stocks in 23 developed countries and is presented net of dividend withholding taxes and uses the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Past performance is no guarantee of future results. A risk of loss is involved with investments in stock markets.