Weekly Market Snapshot – May 4th, 2020
Created by: Sam Tenney
- Unemployment has reached 14.7% in April due to extremely large daily job losses during the coronavirus lockdown. This is the highest unemployment rate seen in the US since World War II. ¹
- Thursday, March 7th, 2-year U.S. government bond futures hit negative rates for the first time in history, implying the markets believe possibly negative federal funds rates could be seen in the next two years. Current law prevents the Federal Reserve from setting the funds rate below zero.²
- The Saudi Arabian kingdom has suspended the countries government allowance and tripled the countries Value Added Tax (VAT) to shore up the countries balance sheet during the continuing collapse in oil demand caused by COVID-19.³
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