Daily Comment (March 23, 2020)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA

[Posted: 9:30 AM EST]

It’s Monday.  Global markets remain in risk-off mode after the Senate’s first swing at the third phase of the rescue package failsBREAKING: FED GIVEN BROADER POWERS TO INTERVENE IN FINANCIAL MARKETS—MORE BELOW—S&P FUTURES RECOVER.  We update the COVID-19 virus news. Here are the details:

COVID-19:  The world now has 349,211 reported cases of COVID-19, with 15,308 fatalities and 100,165 recoveries.  Here is another link to a new site we have found on tracking the virus, along with a chart of infections from the FT:

The U.S. pace of infections is rising rapidly; this is probably more about increased testing. Sadly, there is no evidence of the bend we usually see when a country is getting on top of the spread.

The virus news:

The policy news:

The economic news:

Odds and ends:  The Marines are retooling their planning, preparing for war in the Asia-Pacific and reducing training for the Middle East.  Saudi Arabia intends to maintain the oil share war through borrowing.

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