With the Coronavirus rolling across Asia and into the Middle East and Europe, investors are recalculating risk and pricing in a global pandemic that will extend the demand and supply shock that originated in China.  Investors are now increasingly pricing in more FOMC rate cuts as the long end of the yield curve globally flattens and is even going more negative.

We understand that the FOMC may end up cutting rates, but we suggest that it would be non-impactful under the circumstances to support consumer demand.  Here is our commentary.