In this issue:

• Treasuries continue to bleed
• Housing construction slowed in February, but housing stocks didn’t notice
• Is the gold selloff ending?

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Portfolio managers say that inflation has replaced the coronavirus as the primary risk for Wall Street, according to a survey released by Bank of America on Tuesday (Mar. 16). That may be understating the continuing if receding threat from the pandemic in the months ahead. Nonetheless, it’s highly likely that the inflation trend will rise as last year’s temporary bout of deflation, triggered by the initial coronavirus shock, washes out of the year-over-year data. The question is what happens beyond the initial rebound?

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* US imposes financial sanctions on Chinese officials ahead of China talks
* Biden endorses changes to Senate’s filibuster rules
* Wells Fargo expects 10-year Treasury yield to rise to 2.25% this year
* Fed will likely reaffirm it’s too early to raise rates or reduce bond buying
* Fed expected to upgrade economic forecasts in today’s FOMC meeting
* Inflation risk replaces Covid-19 as Wall Street’s main worry
* Homebuilder confidence falls in March after setting record highs
* US industrial output declined in February after four monthly gains
* US retail sales fell more than expected in February: