Alternative Investing Report - March 19 2026

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*as of 3/18 Sources: S&P, BTC, FTSE, DJRE, GOLD

In a widely expected move, the Federal Reserve kept interest rates unchanged and hinted that there will only be one rate cut this year. Chair Jerome Powell, whose term expires on May 15, made it clear that the uncertainty surrounding the Iran War and its effects on inflation would inform the decision at the April meeting, likely the last one he will lead. The market reacted negatively to his remarks, as well as a hotter-than-expected inflation reading, with the S&P 500 down 1.4% and the crypto market down more than 4%.

➨ TAKEAWAY: After three straight rate cuts late last year, there was optimism that 2026 would bring another three or more, but those hopes have been dashed by persistent inflation, President Trump’s continued fixation on tariffs, and the new conflict in Iran. Now, projections point to potentially one cut by December, but the CME FedWatch tool now indicates that zero cuts in 2026 is the most likely outcome. A rate hike is even on the table now, with April’s meeting showing a 4% chance of a 25 basis point hike and a 0% chance of a cut. The prevailing winds bode poorly for investors who have been patiently waiting for a lower rate environment and for real estate market participants waiting for lower mortgage rates.

📊 Wholesale prices skyrocket: The producer price index (PPI) measure of inflation rose a staggering 0.7% last month, well above expectations of 0.3%, and is up 3.4% annually. Core PPI, which strips out food and energy costs, also came in above expectations at 0.5% and is up 3.9% annually, well above the Fed’s 2% target.

🪙 Mastercard buys BVNK: The payments giant is spending $1.8 billion to acquire the stablecoin infrastructure startup BVNK, which was recently valued at $750 million. Mastercard is making a big bet on the role that tokenization and stablecoins will play in the mainstream financial system.

🚀 RVI new purchases: Publicly traded Robinhood Ventures Fund I (RVI) purchased $14.6 million worth of Stripe and $20 million worth of AI startup ElevenLabs, adding to its portfolio, which had a total size of $658.4 million when it launched. The stock rose slightly in response to the news, but is still down 7% since its debut.

🏡 Zillow projections: The real estate platform now projects home prices to rise 0.7% annually by the end of the year, a slight decrease from prior projections, and multifamily rents to rise by 0.9% with single-family rents increasing 1.8%.

🤖 OpenAI joint venture: The massive AI startup is reportedly discussing a $10 billion joint venture with private equity funds including TCG and Bain Capital, where the firms would commit $4 billion in capital and distribute OpenAI’s products to their portfolio companies.

💵 Morgan Stanley warns on private credit: The Wall Street bank says that defaults on private credit loans could rise to their highest level since the pandemic, and that the risk in the asset class is “significant.”

One of the concerns surrounding AI in the film industry is that it will eventually replace actors, or use the likenesses of existing actors in perpetuity. For example, an AI video that showed Tom Cruise and Brad Pitt fighting got AI video model Seedance in trouble for copyright infringement. But now, the late Val Kilmer is being digitally resurrected to star in a new movie, ironically titled “As Deep as the Grave.” Kilmer was cast in the project five years ago, but the actor could not perform due to the health issues that eventually took his life. Now, with Kilmer’s family’s permission, the writer/director of the project is using AI to create a performance from scratch, and is doing so within SAG guidelines. Still, this is an interesting precedent to set and it remains to be seen how audiences will react, and whether actors like Cruise and Pitt will be fighting each other in AI generated movies for decades to come.