Comments from China, Mexico and the Fed led the way.
Fed Chairman Powell is monitoring rates and recognizes that he might have to take action if the trade wars knock down economic activity.
This may be a case where the short-term damage to markets may be for the best in the longer run.
The market is in a different place now than it was late last year, so don't expect the same kind of rebound.
A bounce on dovish Fed comments was completely reversed, which illustrates how poor market sentiment has become.
To get rates even lower, we do probably need the economy to get slower.
It isn't pretty out there but it is what is needed to get us to a low that may hold.
The main concern for investors remains escalating trade tensions between the U.S. and China.
Pay strict attention to sentiment indicators
While the bears have been unsuccessful so far in breaking support, the bulls have been equally lackluster in generating upside momentum.