The are up about 3.5%, and the US yield is up 13 bp to 0.67%. The White House is telling the world they’re meeting with airline and Wall Street executives, and also that they are working on a package of fiscal measures. A payroll tax cut, paid sick leave, tax cuts for the hospitality and cruise industry, easing tariffs on China, and particular loans for small businesses have all been discussed.
And invariably global markets will again expect the Fed to do much of the heavy expected the Fed to launchpad every available monetary policy weapon its kit.
There’s no official word so far, but the verbal intentions have undoubtedly helped.