From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 3/25/2026
U.S. stocks climbed Wednesday morning, though some of the opening bell gains have been lost, as investors absorbed new developments in the ongoing conflict with Iran. Market sentiment improved after reports indicated that the U.S. had sent Tehran a 15-point plan aimed at securing a month-long ceasefire, a move that eased some fears over prolonged disruptions to global energy supplies. Despite the plan, both sides appear to still be far apart as attacks continue from both sides.
In February, U.S. import prices rose 1.3% month-over-month, the largest monthly increase since March 2022, and they were also up 1.3% year-over-year, marking the strongest annual gain since February 2025. Prices for nonfuel imports increased 1.1%. Export prices rose 1.5% for the month and 3.5% over the last year, up from 2.7% from the previous annual reading.
MBA mortgage applications fell sharply in the latest weekly reading, with total application volume down 10.5% for the week ending March 20. Both purchase and refinance activity declined, as rising mortgage rates continued to weigh on demand. The 30-year fixed mortgage rate rose to 6.43%, up 13 basis points and its highest level since October 2025, contributing to a 15% drop in refinance applications and a 5% decline in purchase applications compared with the prior week.
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