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“Whenever you see a successful business, someone once made a courageous decision.” – Peter F. Drucker

Equities are looking to finish off what has been a disappointing week on a positive note today, but unless futures build on their early gains during the trading day, the first full week of April looks like it’s going to be a negative one for the S&P 500.  For the Russell 2000, the week is already a lost cause as it’s down close to 4%.  The economic calendar is light this week with Wholesale Inventories the only release on the calendar.  Looking ahead to next week, though, Monday will be quiet, but then in the final three trading days of the week (equity markets are closed on Friday), we’ll get CPI, PPI, Retail Sales, and many other important reports. In addition to a busy week of economic data, next week will also mark the start of earnings season with the major banks kicking things off.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

Bombarded with the same headlines over and over again, it’s easy to become numb to the moves we have seen in the treasury market and lose perspective.  In the last five weeks, though, we’ve witnessed an 80 bps increase in the yield on the 10-year US Treasury which ranks as the largest increase during that span in more than 10 years!  As shown in the chart below, going back to 1990, there have only been ten other periods where the yield on the 10-year rose 75 bps or more in a five-week span.  So moves like this are pretty uncommon, and while we could have gone back further in the analysis, prior to 1990, the yield on the 10-year was consistently much higher, so a 75 bps move was a lot less dramatic.  Even in the 1990s, when the 10-year yield averaged more than 6%, a move in the yield of the magnitude we have seen in the last five weeks would have been less dramatic than it has been off the low base of the current period.

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