Credit: As we mentioned a few days ago (#5 here), the muni market looked frothy. High-yield muni bonds seemed particularly vulnerable. Well, the market finally cracked.
Here is the ratio of AAA muni yields to the 10yr Treasury.
Equities: The share of S&P 500 stocks trading above their 200-day moving average dipped below 15%.
China: Is China on track to see its first day of zero new infections?
Eurozone: Here is the supply of hospital beds in Europe.
United States: The market now expects the Federal Reserve to take rates below 0.1% this summer. Is the fed funds rate headed for zero again?
Food for Thought: Social distancing:
Edited by Daniel Moskovits
To receive the Daily Shot Premium, you need to be a subscriber to The Wall Street Journal. The Daily Shot readers qualify for a special membership offer of $1 for 2 months and can join simply by clicking here.
If you are already a WSJ member, you can sign up for The Daily Shot at our Email Center by clicking here.
The Daily Shot Premium is also available online at DailyShotWSJ.com
If you have any issues at all, please contact a Customer Service representative by calling 1-800-JOURNAL (1-800-568-7625) or sending an email to firstname.lastname@example.org.
Contact the Daily Shot Editor: Editor@DailyShotLetter.com