Coronavirus: These are the 14 headlines that are getting the attention of bond traders this morning:
1.) The Kentucky Derby is postponed until September
2.) MLB has delayed the open of their season
3.) The famed Las Vegas Strip will close for the first time ever
4.) U.S. Cases 4,661, Deaths 85
5.) Nordstrom to close all stores in the US
6.) McDonald’s closes all in-restaurant dining
7.) Spain’s cases surge to 11,178 up 2K from Monday
8.) France does a $50B stimulus bill as French ~President Macron says, “we are at war.”
9.) California Gov. Gavin Newsom ordered all bars, restaurants, and wineries in the state closed
10.) 7 California Counties on Lock Down (Quarantine)
11.) CDC and President Trump announced that all groups of 10 or more should be avoided at all costs.
12.) The CDC confirmed that one of its employees had tested positive for the virus.
13.) Spain and Italy ban short-selling
14.) Amazon to hire 100K delivery/warehouse employees
~The White House and Senate are working on the final touches for an $850B package:
1.) This would include payroll tax suspension for the rest of the year
2.) Bailout of Airlines
3.) and potentially “helicopter money” for consumers.
Rate volatility will likely be extreme once again today. The big factor that could move rates is if the Senate announces a meaningful bailout agreement. If they do, and it looks like it has the potential to do some good, look for rates push higher.
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