U.S. Treasury Yield Curve
The financial turmoil caused by the coronavirus (COVID-19) pandemic extended into the bond market, as investors drove yields down and raised cash in the most vulnerable areas of the credit markets—particularly the oil and gas sectors, which were hit hardest by the precipitous fall in crude prices. The Federal Reserve has dropped short-term rates to zero and is pumping up to $4 trillion into the system, providing liquidity and credit support.



Initial Unemployment Claims
The unemployment claims data released for the week of March 21 is the first to reflect the massive shutdowns in the U.S. economy, with over 3.2 million new applications for insurance benefits in a single week. The economic and business data will be dire over the next two months, and perhaps beyond. GDP could decline between 20–25% in the second quarter of 2020.

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