3 year auction

The first of 3 auctions this week did not go well as Demand for 3 year paper at a yield of .36% was non existent. Bid to cover was lowest in at least 8 years,just wait till tomorrows 10s and Thursdays 30 year auction.I would imagine 30 year auction might be okay but 10s a big concern, Grid below is results from 3 year auction

headlines this afternoon,not many good ones

The Washington post is reporting that the White House is likely to pursue federal aid for shale companies that are hit by the virus and oil shock

WASHINGTON STATE TO POSSIBLY GO INTO LOCKDOWN DUE TO RAPID SPREAD OF COVID-19: GOV – KOMO

the window for containing the coronavirus has passed in some parts of the U.S., said the CDC head, who acknowledged that the nation’s failure to quickly roll out tests for the virus had impeded early efforts to contain it.

BREAKING: Slovenia closes border with Italy due to coronavirus

B of A: “It’s been less than two weeks since we revised our 2020 global growth forecast lower, but we are cutting again. .. We cut [full-year] US growth from 1.6% to 1.2%. .. We look for close to zero growth between 2Q and 3Q.” (Harris)

Governor sending Nat’l Guard to NYC suburb New Rochelle to erect #COVID19 containment area. If Nat’l Guard will be a police presence, it’s disastrous. I can see building health care facilities for surge, but not containment for #quarantine. We need to keep our heads.

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