Daily Market Color March 10, 2020President Trump Set to Announce Economic Stimulus Amid Virus Fears President Trump’s administration appears set to announce stimulative measures to support US economy. Though the exact measures are unclear, President Trump signaled that “they will be very major” and will be announced at a press conference later today. The COVID-19 outbreak reached new highs yesterday with cases in China tripling and the entire nation of Italy under lockdown. The WHO is close to declaring the outbreak a global pandemic with its spread to more than 100 countries now. Rates are marginally higher across the curve today after falling to record-lows yesterday, the 10-year sitting 6 basis points higher at 0.60%. Crude price war between Saudi Arabia and Russia escalates. Saudi Arabia’s Aramco pledged overnight to increase its supply of 12.3 million barrels per day in April, higher than February’s 9.7 million daily barrels– higher than Aramco’s maximum sustainable production level. Russia responded in turn by boosting production by 500,000 barrels a day to 11.8 million. The supply surge pushed US crude down 25% at $31.13 a barrel – the largest drop since 1991. Oil has rebounded this morning- crude trading 9.6% higher at $37.64. Day ahead. Six states are set to vote in the Democratic primary. The White House will have their coronavirus press briefing at 5:30 pm ET.
