Just kidding. Kind of (But scroll down for March Madness. 😊).
The Federal Reserve held short-term interest rates steady at its March meeting, maintaining the federal funds rate in the range of approximately 3.5 to 3.75 percent. The decision reflects a growing sense of caution as policymakers navigate a complex and uncertain economic backdrop. One key reason for the pause is persistent inflation. Recent data, including a stronger-than-expected rise in producer prices (next article), suggests that underlying inflation pressures remain above the Fed’s 2 percent target. At the same time, rising energy prices tied to geopolitical tensions have added further upside risk to inflation.
The Fed is also balancing concerns about economic growth. While inflation remains elevated, parts of the economy, including the labor market, have shown signs of cooling. This creates a policy dilemma, as lowering rates too soon could reignite inflation, while keeping them elevated for too long could slow growth further. For now, the Fed remains data dependent, signaling patience as it waits for clearer evidence that inflation is moving sustainably lower. CNBC
PPI Comes in Hot: The latest Producer Price Index report delivered an unwelcome surprise, with wholesale prices rising 0.7 percent in February, more than double expectations of 0.3 percent and the largest monthly increase in several months. On a year over year basis, producer prices climbed 3.4 percent, marking the highest level in a year and signaling that inflation pressures remain persistent in the pipeline of the economy.
PPI feeds into the Fed’s preferred inflation measure, and continued strength suggests that underlying inflation is not easing as quickly as hoped. In short, hotter wholesale inflation reinforces the Fed’s cautious stance and raises the bar for any near term policy easing.
Financial Planning/Investment Strategy Corner:
Business Succession Planning: Succession planning is one of the most important, and often most delayed, decisions a private business owner will make. Yet nearly one-third of owners have no formal plan in place, leaving the business value and the firm’s legacy at risk.
Owners typically have two primary paths:
- An external sale to a third-party buyer (competitor or private equity), which can maximize value and provide immediate liquidity, but often requires extensive preparation and due diligence.
- An internal sales transition to family members, key employees, or management teams, which can preserve culture and continuity, though financing and longer transition timelines are common challenges.
It cannot be stressed enough that the key is starting early. A thoughtful plan that includes a business valuation, leadership development, and tax strategy can take years to execute successfully, but it often leads to better outcomes, whether sold externally or internally. For business owners, succession planning is not just an exit strategy. It is a critical step in protecting enterprise value and ensuring a successful transition on your terms. Citizens Bank Gross Mendelsohn
The Wallenberg family in Sweden founded a business in 1856. It has now successfully transferred the business to its sixth generation. Though it is a large firm and uniquely structured, it offers an example of how intentional, thoughtful strategy can ensure that a firm survives as intended. The Economist
Quick Hits:
- Several of the founding documents of the United States, such as an original Declaration of Independence, are traveling the country to celebrate the 250th anniversary: CNN
- Crude oil production by country: Visual Capitalist
- The best movies to watch on streaming services now: Digital Trends
- Best books coming out in Spring 2026: Book Bub
- RSWA’s next event will be at the beautiful Jimmy’s Jazz Club on Friday, April 24th. Look for an invitation in your inbox soon! Jimmy's Jazz & Blues Club
March Madness – The $20 Billion Dollar “Distraction”: Each March, the NCAA basketball tournament captures the attention of millions of Americans. An estimated 60-100 million brackets are filled out each year, making the tournament a true shared national experience. The fun comes from comparing picks, debating teams, and, if only for a few weeks, everyone becoming a basketball “expert.”
Of course, all that enthusiasm comes at a cost. Studies estimate that March Madness may reduce U.S. productivity by $17-$20+ billion annually, as employees stream games, check scores, and follow upsets during the workday. Surveys suggest over 50 million workers engage with the tournament while at work (but I assure you, this does not happen at RSWA as we are all hard at work! 😊). Ogletree Deakins
Still, there is an upside. March Madness can boost morale, camaraderie, and connection across teams. For many, not just workers, March Madness provides a nice break from the everyday work life and the normal negative news cycle. Have fun watching!
Fun fact: The possibility of filling out a perfect bracket is 1 in 9 quintillion! Wikipedia
Quotes:
“A successful person never loses… they either win or learn!”
John Calipari, current coach of the University of Arkansas
“If you guys rebound like that in the tournament, I’ll be fishing by Friday.”
Tom Izzo, Michigan State University Coach
“We lost to a team whose mascot is a tree. A tree!”
Anonymous coach after losing to Stanford
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