Daily Market Color February 24, 202030-Year Treasury Yield Hits All-Time Low as Virus Spreads Coronavirus cases have spiked in Italy and Iran. In China, the IMF cut the country’s annual growth forecast by 0.4%. For global manufacturers, the spread in South Korea could result in a negative impact. South Korean exports make up 44% of its yearly GDP, so the industry shutdown could face consequences similar to China. Central bankers and key finance officials from the Group of 20 warned that the virus poses a serious risk to global growth. In the meeting held in Riyadh, Saudi Arabia, officials agreed on policy options in regards to the outbreak but noticeably failed to outline joint measures. The released manifesto mainly made reference to climate change and a possible European digital tax. Rates continue to fall as investors continue to flock to safe haven assets. Global stocks are sinking and the current 10-year Treasury yield is 1.382%, a one year low. President Trump is in India for two days in an attempt to repair tensions. President Trump praised India’s prime minister Narendra Modi. This trip could potentially shift world trade and politics. President Trump and PM Modi share interest in controlled borders and international defense against terrorism. Tomorrow, the leaders are scheduled to discuss trade strategies to reduce tensions. President Trump has insisted that US trade deficits be reduced and has previously imposed tariffs on goods like steel and aluminum. The leaders mention that a strict trade deal will likely not be reached, but strides towards agreements will be taken. Day ahead. This morning, the Dallas Fed Manufacturing Index will be released for January with the previous month’s numbers down 0.2. Cleveland Fed President Loretta Mester will provide her thoughts on the economic outlook and current monetary policy.