There has been much disagreement over just how deadly or economically damaging the coronavirus will be – whipsawing equity markets, down 12 per cent in a week then up 5 per cent in a day are proof enough of the tug of war between bulls and bears currently taking place. The fall of the 10-year US Treasury to below 1 per cent for the first time suggests the latter is in the ascendancy, whatever a few dead cats suggest.
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