Risk trades leg lower in a big way
Commodity currencies and stocks were caught in a quick downdraft after at least four headlines hit at virtually the same time:
- Florida virus cases spike
- Beijing moved to phase-2 containment on the latest virus outbreak, closing schools
- Texas virus hospitalizations rose 8.3% to hit a record
- Powell indicated that corporate bond buying probably won’t be aggressive and is more of a contingency
The S&P 500 is up just 0.45% after rising nearly 3% at the open.
Trump rant about Powell incoming…