Greetings,
Equities: It took remarkably little time for stocks to correct 10%.
The VIX futures curve:
Credit: High-yield fund outflows have accelerated.
Credit spreads are now much too tight relative to equity implied volatility. Here is VIX vs. investment-grade and high-yield CDX spreads.
Rates: The whole TIPS curve (real rates) could soon be in negative territory. Here is the 30yr yield.
Commodities: Despite the sell-off in risk assets and falling bond yields, gold is no longer rising.
China: Coal usage at power plants remains depressed, suggesting that China is not yet near normalization of economic activity.
Food for Thought: Where patients likely caught the virus:
Edited by Devon Lall
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