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The old saying goes that no news is good news, but the variation of that phrase today is that no news is good. No matter where you look today, there is literally no good news. Actually, jobless claims were just released and came in at 211K versus estimates for 220K, so the layoffs haven’t started yet. Futures are limit down as they have been for most of the night, but the S&P 500 ETF (SPY) is down moderately more at about 6%. The only question now is what time will the Fed act?
Read today’s Bespoke Morning Lineup for a discussion of the carnage in financial markets overnight, the latest tallies on Covid-19 cases, and a historical look at bear markets.
We touched on it in the Morning Lineup, but the volatility in the fixed income market has been cataclysmic. In the three trading day period from 3/6 through 3/10, the long-term US Treasury ETF (TLT) has experienced the best and worst days in its history.