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Market Brief – Monday 3/23/20

Stocks and Treasury yields fell in early trading after the Federal Reserve announced it would purchase $75 billion of Treasury securities and $50 billion of Mortgage-Backed Securities for a total of $125 billion per day with no end date. The Fed is also going to purchase corporate bonds and agency municipal mortgage-back securities among other asset purchase programs to stabilize the financial markets.

Stocks and Treasury closed lower on the day after hopes of Congress passing a bailout package were dashed in early trading. The big winners on the day were mining stocks, Treasuries and agricultural commodities.