Another very volatile week for U.S and global stock and bond markets. Despite the U.S. Federal Reserve Bank’s emergency 100bp rate cut on Sunday evening, U.S. and global stock markets fell sharply on Monday with the S&P 500 Index falling 12%. Extremely weak Chinese economic numbers combined with California’s shelter-in-place order on Monday, greatly increased concerns of the effect of the coronavirus on the U.S. and global economy, pushing U.S and global stock markets significantly lower while also causing the 10-year Treasury rate to drop 23bps to 0.73%. Tuesday’s U.S. Federal Reserve announcement of its lending program to support the short-term commercial paper markets to relieve corporate funding stress, helped push the S&P 500 Index up 6% and the U.S. 10-year Treasury Rate to over 1% only to see the S&P 500 Index gains reversed and U.S 10-year Treasury rates move even higher on Wednesday as increased coronavirus concerns resurfaced and investors sold into strength. Thursday’s action by the ECB along with announcements of global fiscal stimulus programs, pushed U.S stock markets off their intraday lows and helped them finish slightly higher for the day. Market sentiment reversed on Friday, however, perhaps spooked by another sharp selloff in crude oil prices with the S&P 500 Index dropping over 5% but this time with 10-year U.S. Treasury rates falling over 30bps to 0.85%. At week’s end the S&P 500 Index was 15% lower at 2,304.92, the 10-year U.S. Treasury rate fell 11bps to 0.85% and the U.S. dollar surged 4.1%.