Efforts to support markets in disarray and an economy practically on house arrest remain unrequited as today begins with another big equity sell-off and a modest (by current standards) price rally for Treasuries. The administration $1Trillion dollar support proposal hasn’t had the restorative impact the plan’s authors had envisioned. The Senate today will likely vote on, and pass, the coronavirus aid bill already passed by the House.
At the moment, the DJIA is over 1,000 points in the red, gold is down $17 to $1,510, WTI has slipped not quite $3 to just over $24/barrel, and the Long Bond’s yield is down to 1.60% after this morning’s two-point rally. Housing Starts for February came out a little earlier and it was reported they fell 1.5%. That’s actually better than the 4.3% fall that was expected. Building Permits fell 5.5% and that was a slightly greater decline than experts saw coming. The Grand Canyon remains open for now.