The Panic Worsens
What’s in Today’s Report:
- What Trump’s Speech Means for Markets (Not As Bad As The Market Reaction)
- March Economic Breaker Panel (Important Insights)
- Is It Time To Panic?
Apologies for the slightly tardy delivery. A lot has happened since the close.
Futures are limit down once again as markets were disappointed by President Trump’s speech and proposed economic initiatives.
President Trump announced a travel ban from Europe in an effort to curtail the spreading of the disease, as well as several economic policies aimed at stimulating growth including deferral of income tax payments, more SBA loans, and paid sick leave. All of these initiatives will help the economy, but none are a silver bullet for coronavirus, and as such the market is reacting with short term disappointment.
Econ Today: Jobless Claims (E: 216K), PPI (E: 0.5%). There are no Fed speakers speak today however the Treasury will hold a 30-Yr Bond Auction at 1:00 p.m. ET.
Looking forward, this is a market gripped in panic so we’ll continue to watch the headlines, and we need some good news to break the negative feedback loop in the form of positive corporate commentary or optimism on the transmission of the virus, but those types of headlines have been hard to come by lately.
