All Change…Again
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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
416-359-4887
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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