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Coronavirus' Further Spread Sinks Yields

Short-term interest rates continued to tumble this week as investors searched for safety in US Treasuries. Trading activity was once again volatile with the market taking its cues from the global fiscal and monetary response to the ongoing coronavirus crisis. Longer term rates initially began the week much lower before recovering nearly all their losses after a volatile week of trading.

Stock markets worldwide continued to trade at depressed levels, with global equity indices declining approximately 30% over the last month. The outlook for market and interest rates continues to be uncertain, as the primary driver continues to be the markets' reactions to the various stimulus measures announced around the world. With the US in the throes of the epidemic's spread, the time table for additional clarity is unknown; however, the halt of the virus' spread in China offers a light at the end of the tunnel.

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