Daily Market Color

Rates and Equities Fall in Quiet Session

Rates retrace gains, stocks fall on low volume
Treasury yields and swap rates lower fell on a relatively quiet day, the 10-year yield retracing its recent gains to 1.65%.  Major equity indices also closed lower on the day – the S&P 500 and DJIA falling 0.1% and 0.3%, respectively on the lowest volume day of the year.  
February job openings rose to 7.367 million from 6.917 million the month prior
The rise came as a surprise, as economists were forecasting a slight drop in openings.  February’s reading marks the second consecutive increase, with openings now at their highest level since early 2019.
IMF upgrades 2021 global growth forecast
The IMF forecasts the world economy to grow 6% in 2021 (highest since 1980), raising their 5.5% projection from January.  As for the US, the IMF expects the economy to expand 6.4% this year, with the main driver being the recent $1.9 trillion stimulus package and the vaccine effort. 
Treasury Secretary Janet Yellen calls for global minimum tax
Treasury Secretary Janet Yellen is urging for the implementation of a global minimum tax- saying that the plan will “end the pressures of tax competition and corporate tax base erosion.”  Her comments come as the Biden administration is also proposing an increase to US corporate taxes as a part of President Biden’s infrastructure bill.

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