Weekly Economic Update: March 9th, 2020
• Bond yields continued to fall as the two-year Treasury note fell 38 basis points ending the week at a yield of 0.53% while the five-year note fell by 33 basis points ending the week at 0.61%.
• Despite the jobs report beating expectations and adding 273 thousand jobs to non-farm payrolls, stock prices and bond yields continued to fall as virus fears are shredding growth forecasts globally.
• Markets are expecting further rate cuts with the first likely to come at the upcoming meeting on March 18th. It is also suspected that March’s incoming economic data will begin to reveal the coronavirus’ toll on growth.