Eleven of twelve sectors fell on March 18, 2026, with Materials leading losses at -2.90% and only Energy finishing higher at +0.46%, as the two-year Treasury yield surged 8 basis points to 3.76%, compressing risk appetite across the tape.
Since the last briefing
Yesterday's verdict called for selective re-engagement with multi-week confirmed defense, space, and energy infrastructure names while avoiding Healthcare and connectivity semiconductors until the Fed provides a clear rate signal.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.