Daily Market Commentary

May 22, 2020

Bonds
The decline in U.S. Libor rates look poised to come to an end. Firstly, a record-breaking flood of cash into government money funds, which have been mopping up the unprecedented supply of Treasury bills, has begun to ease. Total assets in the funds fell $12.9 billion in the week ended May 20. First drop since Feb.

Economy
Retail landlords are sending out thousands of default notices to tenants, a situation that could tip already-ailing retailers into bankruptcy or total collapse. Department stores, restaurants, apparel merchants and specialty chains have been getting the notices.

Global
China reiterated a pledge to implement the first phase of its trade deal with the U.S. despite setbacks from the coronavirus outbreak, and as tensions escalate between the world's two biggest economies.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.

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