Headlines discussed at LNWM’s Monday morning briefing:
— The yield on 30-year Treasury bonds fell below 1% (to 0.85 basis points), a record low, as investors sought safety amid fears of rececession and conoravirus spread.
— Italy became 1st western country to lock down an entire region, as coronavirus spread in the US, and CDC increased travel warnings.
— Oil prices are down 50% so far in 2020 as OPEC + Russia failed to agree on production cuts; Saudia Arabia aiming to grab share by ramping up output.
— The Federal Reserve cut its key lending rate by 50 basis points, to 1% – 1.25% — 1st emergency cut since 2008 — with more cuts and stimulus expected.
— The US job market remained strong in Feb., with 273,000 new jobs added, indicating economy was on solid footing as coronvarus hit.
