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Brazil reports 987 new coronavirus deaths on Monday

Treasuries Move To The Downside After Senate Passes Stimulus Bill

After ending last Friday’s trading nearly unchanged, treasuries moved to the downside during the trading session on Monday.

Bond prices came under pressure early in the session and remained firmly negative throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 4.2 basis points to 1.596 percent.

With the increase on the day, the ten-year yield ended the session at its highest closing level in over a year.

The drop by treasuries came in reaction to news the Senate voted along party lines on Saturday to approve a new $1.9 trillion coronavirus relief bill.

The bill, which includes $1,400 direct payments and an extension of unemployment benefits, is expected to be approved by the House later this week.

On the U.S. economic front, a report released by the Commerce Department showed wholesale inventories in the U.S. jumped in line with economist estimates in the month of January.

The Commerce Department said wholesale inventories spiked by 1.3 percent in January after climbing by an upwardly revised 0.6 percent in December.

Economists had expected wholesale inventories to surge up by 1.3 percent compared to the 0.3 percent increase originally reported for the previous month.

Amid a quiet day on the U.S. economic front, trading on Tuesday may be impacted by reaction to the results of the Treasury Department’s three-year note auction.

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Rush Limbaugh’s Death Certificate Has A Debatable Embellishment

Rush Limbaugh’s death certificate was apparently a fan.

The space on the document for “occupation, industry” usually contains a perfunctory description, but that line on Limbaugh’s hails him as the “GREATEST RADIO HOST OF ALL TIME,” reported TMZ, which obtained a copy.

Although the Palm Beach County (Florida) Medical Examiner’s Office issued the certificate, TMZ noted that the honorific probably came from the conservative commentator’s widow, Kathryn Limbaugh, who’s listed as the info provider.

Rush Limbaugh died of lung cancer last month at age 70 following a career as the “bigoted king of talk radio” who “saturated America’s airwaves with cruel bigotries, lies and conspiracy theories for over three decades,” HuffPost reported.

The HuffPost obituary noted that Limbaugh amassed an audience of millions and helped to transform the Republican Party, but made no mention of him being the G.O.A.T.

Limbaugh spent some of his last weeks on the air amplifying Donald Trump’s lies about election fraud. He also appeared to endorse the violence of the pro-Trump rioters who stormed the U.S. Capitol.

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Crude Oil Prices Pull Back Sharply After Initial Spike

After moving sharply higher in early trading in reaction to reports of attacks on Saudi Arabian facilities, the price of crude oil showed a significant downturn over the course of the session on Monday.

Crude for April delivery slumped $1.04 to $65.05 a barrel after reaching an intraday high of $67.98 a barrel earlier in the day, the highest since October 2018.

Profit taking may have inspired traders to cash in on the recent increase in the price of crude oil following the early spike.

The initial upward move came Saudi Arabia said some of the world’s most protected oil infrastructure came under missile and drone attack on Sunday in an escalation of regional hostilities, raising concerns about Saudi Arabia’s air defenses and the expanding capabilities of the Iran-backed Houthi rebels.

The official Saudi Press Agency quoted an anonymous official in the Ministry of Energy as saying that a drone flew in from the sea and struck an oil storage site in Ras Tunura, the port run by Saudi Arabia’s state oil company, Aramco.

The Ministry of Energy denounced the strike as “an act of sabotage” targeting not only Saudi Arabia “but also the security and stability of energy supplies to the world.” Meanwhile, oil output appeared to be unaffected.

Meanwhile, traders were also reacting to news the Senate voted along party lines on Saturday to approve a new $1.9 trillion coronavirus relief bill.

The bill, which includes $1,400 direct payments and an extension of unemployment benefits, is expected to be approved by the House later this week.

Brazil reports 987 new coronavirus deaths on Monday

COVID-19 patients are cared for in an area that was improvised to accommodate more patients at the public HRAN Hospital in Brasilia, Brazil, March 8, 2021. REUTERS/Ueslei Marcelino

RIO DE JANEIRO (Reuters) – Brazil on Monday reported 987 new deaths from the coronavirus, bringing the total to 266,398 deaths, the health ministry said.

The country also reported 32,321 new cases of the virus, bringing the total infected to 11,051,665, the ministry said.