All Change…Again
This coming week marks the one-year anniversary of a number of crucial events that many of us would rather forget. On March 11, 2020, the WHO officially declared a pandemic, the NBA shut down, the U.S. closed its doors to Europeans, and the equity market was about to get pummelled with one of its worst two-week episodes ever. Next week will also mark the 52nd week of working from home for many (but who’s counting?). And, it will also mark the one-year anniversary of the ruinous open oil price war between Saudi Arabia and Russia.
Recent events almost resemble a fun-house mirror image of what was unfolding a year ago. Economies are erratically opening up again and recovering, as more vaccines are approved and rolled out more aggressively. After collapsing a year ago, oil is suddenly on the march amid peace and light within OPEC+, with some prices hitting their highest level since 2018. After plummeting a year ago, bond yields are also steadily marching higher, as 10-year Treasury yields again briefly hit 1.6% on Friday, a level they last held in early February 2020.
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Douglas Porter
Chief Economist and Managing Director
Douglas Porter has over 30 years of experience analyzing global economies and financial markets. As Chief Economist at BMO Financial Group and author of the popular…(..)
View Full Profile >This coming week marks the one-year anniversary of a number of crucial events that many of us would rather forget. On March 11, 2020, the WHO officially declared a pandemic, the NBA shut down, the U.S. closed its doors to Europeans, and the equity market was about to get pummelled with one of its worst two-week episodes ever. Next week will also mark the 52nd week of working from home for many (but who’s counting?). And, it will also mark the one-year anniversary of the ruinous open oil price war between Saudi Arabia and Russia.
Recent events almost resemble a fun-house mirror image of what was unfolding a year ago. Economies are erratically opening up again and recovering, as more vaccines are approved and rolled out more aggressively. After collapsing a year ago, oil is suddenly on the march amid peace and light within OPEC+, with some prices hitting their highest level since 2018. After plummeting a year ago, bond yields are also steadily marching higher, as 10-year Treasury yields again briefly hit 1.6% on Friday, a level they last held in early February 2020.
View important Disclosure Statements here.
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