Treasury Yields Rise as President Trump Sees Outbreak Slowing Down

 

US economy falters as President Trump warns the next two weeks will be be a “very deadly period.” .” Last month alone, US employers slashed 701,000 jobs with two-thirds of the cuts occurring in the leisure and hospitality industry according to the US Labor Department. Moody’s analytics estimates that US daily output has fallen around 29% compared with the first week of March. There are some signs that the domestic outbreak is beginning to slow down- deaths in New York falling to 594 after peaking over on Friday. The 10-year Treasury yield is trading higher as a result, climbing 5 basis points to 0.64%.

 

 

OPEC’s emergency oil production cut meeting is postponed due to tensions between Saudi Arabia and Russia. The meeting where the two nations would discuss cutting production was originally scheduled for today and has now been postponed to Thursday. Despite the postponement, a Russian official mentioned that Russia and Saudi Arabia were “very, very close” to striking a deal- helping crude pare some of an 11% decline on the day.

 

 

Day ahead. Today is light on new economic data. The Bank of Canada will release its business outlook later this morning — it is expected to reflect some of the damage done by the virus.