Morning Briefing
Tuesday, March 24, 2026 • 03:36 PM EDT • MARKET IS OPEN
The Bottom Line
The "Soft Landing" narrative is holding firm. Inflation (CPI) data came in cooler than expected, signaling the Fed is done hiking.Risk-Onassets are front-running the pivot, while cash yields remain attractive for one last quarter.
SPY (S&P 500)
US 10Y Note
Bitcoin (BTC)
Equities: The Tech Rotation
The S&P 500 isn't just rising; it's widening. Yesterday, we saw capital rotate out of the "Magnificent 7" and into Small Caps (IWM) and Industrials (XLI). This is a healthy sign. A bull market led only by Nvidia is fragile; a bull market led by 400 stocks is durable.
Rates & Cash: The "T-Bill Chill"
The 10-Year yield spiked to 4.18% this morning. This is actually an opportunity. For cash holders, short-term T-Bills (SGOV) are still paying 5.4%, creating a risk-free fortress while we wait for the Fed's first cut, now priced in for June.
Crypto: The ETF Effect
Bitcoin broke $78,000 overnight. The driver? Institutional inflows into Spot ETFs. BlackRock (IBIT) alone absorbed $500M yesterday. We are watching the $80,000 psychological level closely—a clean break there opens the door to $85k quickly.
Yield Delta Intelligence Desk
Analysis by Automated Systems & Human Review