Yet another volatile week for bond and stock markets, though this time U.S. stock markets ended the week higher. Monday’s FOMC announcement of unlimited Treasury and mortgage backed securities buybacks along with three new lending programs to support consumer and corporate credit did little to buoy U.S. equity markets with the U.S. Senate’s inability to pass a $2 trillion coronavirus stimulus package Sunday and again on Monday weighing heavily on market sentiment. Reports on Tuesday that the Senate was close to approving the stimulus package reversed market sentiment pushing U.S. stock markets significantly higher despite sharply lower Europe and US PMI composite flash indexes. (The Dow Jones Industrial Average increased over 11%, its largest one-day gain since 1933, and the S&P 500 Index increased over 9%.) U.S stock markets moved sharply higher again on Thursday, despite record high jobless claims, after the Senate finally approved the stimulus package and as a result of the ECB restarting its debt buyback programs. Emerging concerns that central bank action and government stimulus packages may not be sufficient to forestall a recession helped move the S&P 500 Index over 3% lower and the 10-year U.S. Treasury rate down by 17bps to 0.68% on Friday. At week’s end the S&P 500 Index increased 10.3% to 2,541.47, the 10-year U.S. Treasury rate fell 16bps to 0.68% and the U.S. dollar (as measured by the DXY index) weakened by 4.3%.