It estimated that the economy will shrink 6.5% this year, in line with other forecasts, before expanding 5% in 2021. It also expects the unemployment rate at 9.3%, near the peak of the last recession, by the end of this year. Those factors, along with the recent run-up in stock prices, set the stage for the wave of selling Thursday. Bond yields also fell, a sign of increasing caution among investors who shifted more money into government bonds. The yield on the 10-year Treasury was at 0.68% Friday after sliding to 0.66% from 0.74% late Wednesday, a big move.

Source: Daily Sun June 11, 2020 18:11 UTC