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Weekly Economic Perspectives: So Far So Good For US Labor Market, But Clouds Ahead

Last Week’s Highlights

  • The Economy: The Fed delivers emergency 50 basis point rate cut. The Bank of Canada follows suit at their regularly scheduled meeting. Not much evidence yet of virus impact on UK and eurozone activity. Wages saw a healthy rebound in Japan. The RBA delivers a 25 bp cut as risks to outlook worsen. 

  • The Market: Extremely volatile week ends with most stock markets lower…again. Bond yields plunge to record lows in the US. The dollar weakens dramatically as Fed cut reduces yield advantage. Oil plummets on lack of OPEC action, gold surges on haven demand.