There is no newsletter today. (Well, except there is. But you know what I mean.)
I would simply like to offer up the fact that the yield on the 10-year U.S. Treasury note is below 0.97% right now. We hit 0.9% yesterday afternoon and then I stopped watching because it made my head hurt too much. And my heart. I don't know exactly what this means for our country except that it takes us much closer to the status of Japan and Europe's zombification than I'd ever, ever hoped would happen.
I can't help but blame the Fed. I will keep trying to consider other options. To be fair, I'm only blaming them because we didn't do fiscal stimulus. But they still could have resisted and said no, we need targeted coronavirus relief, not rate cuts that will take us perilously close to zero! Fiscal stimulus can *also* lift the 10-year yield and get the neutral rate back up!
But what do I know? I'm not an economist. I've just studied them for the past decade-plus.
This is already too long for not being a newsletter today, so I'll leave it at that. On a happier note, Rapid Fire is back today. There's a lot to discuss between the Super Tuesday results, the market rebound today, and the coronavirus latest. Did you know the health insurance/providers ETF is having its best day since 2008? It's up about 7%, because Medicare for All seems a lesser possibility today.
Much more at 1 p.m. See you then......
Kelly
P.S. The Exchange is now a podcast! Click to subscribe and never miss a Rapid Fire.