The S&P 500 and Dow fell to new 2026 closing lows after the Federal Reserve voted to maintain the benchmark interest rate at 3.5% to 3.75%. The committee raised its 2026 growth projections and indicated that rate cuts are still likely. The latest "dot plot" suggests that one reduction remains on the table for later this year, with another projected for 2027. The war against Iran entered its nineteenth day with no signs of easing as Iran stepped up attacks on its Middle Eastern neighbors in retaliation for US and Israeli airstrikes on its South Pars gas field and its Asaluyeh oil industry facilities. Crude oil prices remain high despite efforts to boost global supplies. Goldman Sachs warns that crude prices could exceed the 2008 record high of close to $150 a barrel if flows through the Strait of Hormuz remain depressed through March. US MBA mortgage applications fell -10.9% in the week ended March 13, with the purchase mortgage sub-index up +0.9%. The average 30-year fixed rate mortgage rose +11 bp to 6.30% from 6.19% the previous week.