To ease the economy amid fears that the Covid-19 outbreak will bring a recession, the Trump administration wants to put forward a proposal for a stimulus package somewhere between $850 Billion to $1 Trillion. The package is said to include direct payments, tax breaks, and deferred payments.
The Federal Reserve continued its effort to ensure that markets continue to function after getting the green light from Treasury to form a commercial paper funding facility. The stimulus measures come after the Coronavirus infection rose from 1,000 to 5,000 last week, and is expected to increase over the coming weeks.
Yesterday the market managed to recover from the most significant drop since the 1987 market crash. Major American indices went up over 5%:
The rebound in the yields boosted financials, mostly banks, which benefit from a higher interest rate. So:
Gold price is on the rise recovering from the drop-down to $1,500 and rising as high as $1,534 per ounce.
The good news was reported regarding Oil; the American Petroleum Institute reported a decrease of 421,000 barrels of Crude Oil in U.S. inventories for the week ending March 13. Crude Oil rose 0.26% to $27.4 per barrel, and Brent Oil gained 0.80% to $28.95 per barrel.
Sources: investing.com, marketwatch.com
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