Unlike 2001 Or 2008


The Fed went all in for real this time by buying muni and commercial bonds. This should help the plumbing of markets and increase investors’ risk appetite in the medium term. Small business and individuals will need all the help they can get from the Fed and the government. That’s not a political statement, by the way. However, the cost is that we could be borrowing from future prosperity to recover from this crisis (something we will examine in future articles). 32% of the labor market will be hit hard by COVID-19. Energy is in serious trouble because of the price war and decline in demand. The good news is the number of new cases in Italy is stabilizing and South Korean exports are rebounding.

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