Policymakers in Washington, DC, worked over the weekend to try to put the finishing touches on a significant stimulus package to help cushion the economic and financial blow being delivered by the COVID-19 pandemic.
The Federal Reserve (Fed) surprised markets over the weekend by holding its March 17-scheduled meeting a few days early and introducing a wide range of provisions. Those provisions are intended to add liquidity, increase credit availability, lower the cost of borrowing, and eventually support the economy’s recovery from the impact of COVID-19.
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Despite strong market gains on Wednesday, March 4, 2020, the on-the-run 10-year Treasury yield ended the day below 1% for the first time ever and has posted additional declines in real time, sitting at 0.92% intraday as this blog is being written.
China again changed the way it diagnoses infections which complicates analysis, but the Hubei province, where the virus originated, reported a drop in the number of new cases even as more people have tragically lost their lives and a small handful of cases have been reported in Japan and South Korea. From an economic and market perspective, China’s response has been aggressive, including interest rate cuts, tax breaks, and technology assistance to limit supply chain disruptions, limiting the market impact—and more policy actions are anticipated. A basket of U.S. stocks with the most revenue exposure to China compiled by Strategas Research Partners has outperformed the S&P 500 month to date, while the MSCI China Index has returned more than 7%–both encouraging signs.
What happens at 59 1/2? Plenty. You can add more to your retirement fund. You can make early withdrawals from your retirement savings without penalties. You’re six years from your full retirement age.