What’s in Today’s Report:
- Why The Fed Needs to Do More
- Is It Time to Go To Cash?
Futures are down just under 2% which is an improvement as they were nearly down limit at the lows overnight, so there’s been a good rebound.
On the stimulus front, governments continue to act. Stimulus bill 2 was passed last night and the ECB dramatically increased its QE program by 750 bln euros. and will buy government bonds, corporates and commercial paper. Australia also launched its first ever QE program. All these measures are helping markets and sentiment.
All eyes today will be on Washington for signs of progress on stimulus bill three, and the sooner it passes, the better. From an economic standpoint, Jobless Claims (E: 220K) are the key report and we’re expecting a big increase, while Philadelphia Fed (E: 14.0) will also be important as we want to see more March data.