Barrons Magazine – March 16 2026 – Barrons Magazine

The Economy Has 4 Problems. The Fed Can’t Fix Them. about everything else. Real spending, adjusted for inflation, rose just 0.1% in the month. Inflation data brought more frus- trating news. The Fed’s preferred gauge, the core PCE, rose 3.1% in Jan- uary on an annual basis, its highest reading in nearly two years.

Inflation in services, the largest part of the economy, came in at 3.5%. Neither reading affords the Fed much room to cut interest rates—and neither yet reflects the impact of higher oil prices stemming from the war that began on Feb. 28. That will probably show up in the March data.

The war with Iran also makes ev- erything harder to model, as higher oil price affect gasoline prices, utility bills, airfares, shipping costs, and eventually the price of nearly every- thing. The Fed can’t help much to alle- viate a supply-side shock. It can’t sup- ply more oil or reopen the Strait of Hormuz.

If policymakers cut interest rates to support a slowing economy, they risk igniting further inflation. If they hold rates steady, they risk leaving a weak- ening economy without support. In this unenviable position, the Fed may have to choose the least-bad option. The central bank’s dovish officials argue that with the labor market weakening and tariff-driven price pressures likely to fade, the Fed should resume cutting rates before the economy slows too much.

The larger, more hawkish camp believes that in- flation has proved too stubborn to risk easing again too soon, and that the oil shock only strengthens their case. he disagreement reflects a deeper uncertainty about which threat is more dan- gerous right now: an econ- omy that slows too much, or an infla- tion problem that lingers. The last time the Fed declared price pressures “transitory,” back in 2021, it was the wrong call, and policymakers spent years paying for mistake. Nobody in- side the building wants to repeat it.

Markets have mostly discounted rate cuts in the near term. Traders now see a roughly 1-in-3 chance that the federal-funds rate target range, currently 3.50% to 3.75%, won’t change at all this year.

For the AI Battle The tech titan has spent years preparing for the next wave of disruption. Why the stock is ready to rise again. PAGE 12 > 63142 VOL. CVI NO. 11 MARCH 16, 2026 $5.00 2 BARRON’S March 16, 2026 Terms, conditions, restrictions, and capacity controls apply. Spring Sale offer of up to 50% off is valid from March 5, 2026, through April 30, 2026, and is available for select categoriesonselectsailings,subjecttochangeandcapacitycontrolled.MentionCodeDSC.Pleasevisitwww.OceaniaCruises.comforcompleteTerms&Conditions.MAR261435 Scan this QR code to view Special Offer. THE JOY of TRAVELING WELL IMMERSIVE ITINERARIES | INTIMATE, LUXURIOUS SHIPS | GENUINE HOSPITALITY | THE FINEST CUISINE AT SEA® March 16, 2026 BARRON’S 3 CALL 855-OCEANIA (855-623-2642) | VISIT OCEANIACRUISES.COM | CONTACT YOUR TRAVEL ADVISOR ALWAYS INCLUDES ALL SPECIALTY DINING, SHIPBOARD GRATUITIES & UNLIMITED WIFI SPRING SALE EVENT UP TO 50% OFF 4 BARRON’S March 16, 2026 INDEX Our index lists significant companies mentioned in stories and columns, plus Research Reports, and Corrections & Amplifications.

The references are to the first page of the item in which the company is mentioned. For Customer Service, call 1 (800) 544-0422, or go to customercenter.barrons.com. For reprints of articles, call 1 (800) 843-0008, or go to djreprints.com. A Advanced Micro Devices . . . . . . . . . . .

. . . . . . . . 24 Agnico Eagle Mines . . . . . . . . . . . . . . . . . . . . . . . 21 Alibaba Group Holding . . . . . . . . . . . . . . . .

. . . . 30 Alphabet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,30 Amazon.com . . . . . . . . . . . . . . . . .

. . . . . . . 8,14,15,30 American Express . . . . . . . . . . . . . . . . . . . . . . . . . . 7 American Tower . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Amgen. . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . .20 Antofagasta. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 Apple . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

This is a short excerpt from the opening of “” by Unknown, quoted for review and introduction purposes. All rights belong to the copyright holders.

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