US equity markets rose on Friday after the US President declared a national emergency and pledged to do whatever it takes to protect the economy from the pandemic. The S&P500 rose 9.3% - the largest one-day gain since 2010 – and commodities also recorded gains. Bond yields perversely rose as liquidation of “safe” assets continued. The Bank of Canada cut its rate 50bp, and this morning the RBNZ surprised with a -75bp move.