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The Morning View: April 9, 2020

Senior Vice President / Portfolio Manager

Announced this morning, the Initial Jobless Claims increased by 6,606,000 for the week ending 4/4/2020.  A slight decrease from the previous week, but still extremely elevated, bringing the total claims for the past three weeks to more than 16 million.  As the government led shutdown to mitigate the spread of COVID-19 continues, data points have shown some initial slowing of the spread of the virus in hard hit areas.  Meanwhile, the Federal Reserve has announced an additional $2.3 trillion in aid for the economy, including programs designed to help small and medium sized businesses as well as states and municipalities.  It is clear the Federal Reserve remains on a determined path to increase accommodation amidst this crisis.  In all, following the Fed’s announcement the 10-year bond yield ticked higher and equity futures also moved higher heading into the market open.

 This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Forward-looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.