US Senate Finance Committee to consider targeted tax relief as coronavirus response

The US Senate Finance Committee Chairman Chuck Grassley is exploring the option of introducing targeted tax reliefs in response to the negative impact of the coronavirus outbreak on the economic activity, Reuters reported on Monday, citing a spokesperson for the committee. 

Market reaction

This development doesn't seem to be helping the market sentiment improve. As of writing, the Dow Jones Industrial Average and the S&P 500 were down 6.3% and 6%, respectively, and the Nasdaq Composite was erasing 4.8% on the day. Meanwhile, the 10-year US Treasury bond yield was down 30% at 0.53%.