3 Things You Need to Know This Week | US Jobs, Eurozone Inflation, Private Credit (Mar. 30, 2026)
The March 2026 economic update covers three key areas: upcoming US jobs data following February's 92,000 job loss, eurozone inflation trends amid Middle East energy price spikes, and private credit market disruptions with fund withdrawal restrictions. The analysis emphasizes that backward-looking data shouldn't drive investment decisions while highlighting stocks as inflation hedges.
Summary
This weekly market briefing examines three critical economic developments. First, March US jobs data is anticipated following February's concerning report showing 92,000 non-farm payroll job losses and unemployment rising to 4.4%. While speculation suggests continued weakness could prompt Federal Reserve rate cuts at the April meeting, the presenter emphasizes that labor market data is inherently backward-looking and shouldn't drive investment decisions since stocks price future expectations. Second, eurozone inflation data is being closely watched as energy price spikes from Middle East conflicts raise concerns about March inflation numbers. However, historical context from the 2022 Russia-Ukraine war shows energy prices typically normalize within six months, with oil returning to pre-invasion levels despite ongoing tensions. Energy comprises only 9% of eurozone inflation, limiting its broader impact. The analysis reinforces that stocks have historically served as effective inflation hedges with 10% average returns versus inflation's typical 3% rate. Third, private credit markets are experiencing turbulence as major asset managers restrict fund withdrawals amid concerns about material losses. This situation exemplifies the liquidity risks in alternative investments that can lock up capital for extended periods. While some worry about spillover effects to public markets through forced selling of liquid assets, the presenter argues this risk is limited since the private credit troubles have been widely reported and likely already priced into efficient public markets.
About this episode
Fisher Investments’ “3 Things You Need to Know This Week” is a weekly segment designed to help investors worldwide sift through the noise across financial media and understand what really matters for markets. This week, Fisher Investments reviews: • March US labor market data • March eurozone inflation data • Private credit markets Chapters 0:00 Introduction 0:27 March US labor market data 1:42 March eurozone inflation data 3:46 Private credit markets 5:35 Outro Want to dig deeper? • A look back at February US jobs data: https://www.fisherinvestments.com/en-us/insights/market-commentary/putting-choppy-labor-data-in-proper-perspective • Putting a recent private credit implosion in perspective: https://www.fisherinvestments.com/en-us/insights/market-commentary/putting-the-latest-private-credit-implosion-in-perspective • Ken Fisher’s thoughts on private credit risks to public equities markets: https://youtu.be/xJkQgf1Pgbk Have feedback? Share your thoughts on this Fisher Investments video in just 1 minute by filling out this survey: https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=9Things30Mar2026 Thanks for watching and don’t forget to tune in next week to watch the latest episode of 3 Things You Need to Know This Week from Fisher Investments. Connect with Fisher Investments on: • Facebook - https://www.facebook.com/FisherInvestments • X - https://twitter.com/fisherinvest • LinkedIn - https://www.linkedin.com/company/fisher-investments • Instagram - https://www.instagram.com/fisher.investments/ • TikTok - https://www.tiktok.com/@fisher_investments You can also follow Ken Fisher here: • Facebook - https://www.facebook.com/KenFisher.FisherInvestments • X - https://twitter.com/KennethLFisher • LinkedIn - https://www.linkedin.com/in/ken-fisher/ • Instagram - https://www.instagram.com/kenfisher_fisherinvestments/ Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.
Key Insights
- The speaker argues that labor market data is inherently backward-looking while stocks are forward-looking, making it problematic to base investment decisions on employment figures that reflect past rather than future economic conditions
- The analysis claims that energy price spikes, despite being highly visible to consumers, typically normalize within six months based on historical patterns from the 2022 Russia-Ukraine war, and energy represents only 9% of eurozone inflation
- The presenter contends that private credit market turmoil is unlikely to significantly disrupt public markets because the problems have been widely reported and efficient public markets have already priced in this widely known risk
Topics
Transcript
Hello, and welcome to three things you need to know this week, our regular series designed to help you sift through the noise across financial media and understand what really matters for markets. To stay up to date with our latest market insights, subscribe to our YouTube channel or visit Fisher investments.com. And with that, here are three things you need to know this week. First, March US jobs data. On Friday, we'll get to the top of the market. We'll get a fresh update on the state of the US labor market with the release of March's jobs report. This comes on the heel of February's reading, which saw non-farm payrolls contract by 92,000 jobs and unemployment rise to…
Full transcript available for MurmurCast members
Sign Up to AccessMore from Fisher Investments
Ken Fisher: Celebrating 250 Years of American Innovation
Ken Fisher argues that America has been the dominant force in global innovation and capitalism, particularly from the late 19th century onward, contributing significantly to material well-being worldwide. He contends that American capitalism deserves celebration as it has generated breakthrough innovations and successful companies that have benefited not only Americans but people across the globe.
3 Things You Need to Know This Week | NATO Summit, Fed Minutes, Quarterly Reporting (July 6, 2026)
This weekly market briefing covers three major topics: the NATO summit in Turkey and its limited market impact despite higher defense spending, the Fed's June meeting minutes under new Chairman Kevin Worsh showing divided views on future rate decisions, and an SEC proposal to change public company reporting from quarterly to semiannual cadence.
This Week in Review | Q2 Market Recap, June US Jobs, Trade Deal Update (July 3, 2026)
This market review covers Q2 2026 performance showing global stocks rebounded 8.9% in April and 4.8% in May before experiencing June volatility, primarily in tech. Key developments include stabilizing oil prices post-Iran conflict, elevated inflation at 4.2%, weak June job growth of 57,000 with falling unemployment to 4.2%, and the US-Mexico-Canada trade agreement review proceeding without extension.
Why Oil Prices Are Falling—and What It Signals
Brent crude oil prices have fallen from the low 80s to around $73 per barrel, returning to pre-war levels. Markets have demonstrated resilience by recovering from the geopolitical shock faster than expected, with oil futures contracts for 2027 fixed around the $70 range, suggesting diminishing strategic importance of key shipping routes.
Ken Fisher on AI Bubble Warnings
Ken Fisher dismisses the Bank of England's warnings about AI bubbles, overvalued stocks, and market troubles, arguing that central banks lack meaningful insight into how future economic developments will unfold. He advocates for largely ignoring pronouncements from major central banks, claiming they are no more knowledgeable than average fourth graders despite their data and trained personnel.