Daily Market Color

Treasury Yields Fall as Fauci Warns Reopening Economy Could Lead to Another Outbreak

Risk assets fall as Fauci tempers optimism on reopening in testimony before Congress. In his remarks to the Senate yesterday, Dr. Anthony Fauci warned that a COVID-19 a vaccine would not be distributed until the late fall at the earliest, and that reopening the economy too early could lead to “little spikes” in infections “that might turn into outbreaks.” The DJIA and S&P 500 would ultimately close down 1.9% and 2.1% respectively- erasing earlier gains while the S&P Bank Index underperformed the broader market by nearly 2%. Treasury yields and swap rates followed risk assets lower, the 10-year yield closing down 5 basis points to 0.62%.

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