Oil Spikes and Iranian War Uncertainty Lock Interest Rates

The Dow fell 1.6%, the S&P 500 fell 1.4%, and the Nasdaq lost 1.5% to their lowest levels since November. The VIX Composite spiked nearly 10%. These declines followed the Federal Reserve's March 18 policy meeting where interest rates remained unchanged. Fed Chair Jerome Powell cited inflation concerns and uncertainty caused by the war in Iran as reasons for the stand pat. Brent crude oil closed at $105 a barrel, up nearly 6%, while the nationwide average average for a gallon of gas reached $3.86. Investors sold bonds, pushing the 10-year U.S. note yield up nearly 6 basis points to 4.26%.