While 10 Year Notes have gone up the Dow Jones is still undervalued by some $21,000. Explanation here.

 

Notes today:

• World finance chiefs agree on Wednesday to boost reserves at the International Monetary Fund by $650 billion and extend a freeze on developing countries’ debt servicing to help them deal with the coronavirus. 

• Germany and France welcomed a promise by U.S. Treasury Secretary Janet Yellen to work on a global corporate minimum tax rate as a step towards making a landmark deal achievable, but low-tax Ireland voiced reservations. 

• Bloomberg: Expanding on the tax proposals released last week in President Joe Biden’s $2.25 trillion economic package, the Treasury said the changes, over a decade, would bring back about $2trillion in corporate profits into the U.S. tax net, with about $700 billion in federal revenue streaming in from ending incentives to shift profits overseas.