Ben Bernanke: Virus Recession More Like Big ‘Snowstorm’ Than Great Depression
“This is a very different animal”.
Coming Unemployment Crisis Plunges America’s Newly Jobless Into ‘Kafkaesque’ Nightmare
“We’ve never seen anything like it”.
‘Back-Of-The-Envelope’ Math From St. Louis Fed Shows US Unemployment Rate Surging To 32%
“These are very large numbers by historical standards”.
Going ‘Through Hell’
Meanwhile, on the pandemic front…
$2 Trillion.
“Absolutely, absolutely, absolutelyâ€.
Marko Kolanovic Offers Hope In Coronavirus Fight With Analysis Of Kinsa Smart Thermometer Data
“…the response evolves initially from under-reaction, then overreaction and then converges closer to an optimal response.”
Find Me A Sharpie, PTJ.
“I think Easter Sunday — you’ll have packed churches all over our country”.
Nomura’s McElligott: The Fed Is Now ‘Chief Risk-Taker And CIO’ (And Other Fun Market Notables)
So much to backstop, so little time.
Here’s What It Looks Like When Everyone Frontruns Jay Powell’s ETF Buying…
A $1 billion one-day flow bonanza.
PMIs Show US Economy ‘Decimated’ In March. Kudlow Says Trump May Reopen America Within Weeks
“…that doesn’t mean we’re going to walk away from advice of health experts”.
The Not-So-Great Coronavirus Debate Rages On: Kill The Global Economy To Save Lives?
“…but the faster the virus stops, the quicker and stronger the recovery will be.”
European Economy Suffers Catastrophic Hit From Virus Measures, March Data Shows
“…far exceeding that seen even at the height of the global financial crisis.”
Hope Floats.
“…a key lesson is that major wars are staggeringly expensive.”
‘There Will Be Tremendous Death’: Trump Warns Of Dire Consequences From Economic Shutdown
“That doesn’t mean we’re going to tell everybody no more driving”.
Harley Bassman: ‘The S&P Will Likely Check The Oil At The 2016 Election Day Level – A Truly Ironic Coda’
“Notwithstanding that professionals who sell rate volatility for a living have been carted off on a stretcher (and not from COVID-19)”…
Fed’s Bullard Calls For ‘Organized Shutdown’ Of US Economy Until July 1
“The first goal during the NPAP is to intentionally reduce (reduce!) economic activity in order to meet public health objectives.”
‘Difficult Tradeoffs’
“We can’t shut the economy”.
50 Cent Gasoline, A Sub-Trillion Apple, Germany’s Bazooka And 100% Recession Odds
Markets continue to throw off a veritable smorgasbord of consequential and amusing headlines.
A $900 Billion Rebalancing Flow?
Historic equity underperformance stokes expectation of massive rebalancing bid for stocks.
Fed Does ‘Exactly What Market Needed’. Trump Considers Flouting ‘Advice Of Health Professionals’ To Save Economy
“I mean, seriously Jon, let’s get real, what do you want me to do?”
The Fed’s ‘Shock And Awe’ Part II: Open-Ended QE, Corporate Bond Buying, Credit ETF Purchases And More
The Fed on Monday morning announced open-ended QE, effectively promising to buy unlimited amounts of
‘The Headlines Continue To Shock’: Week Begins With More Record Stock Losses, Eye-Popping Bond Moves
“The only people befitting from this are algos”.
‘Lockdown, Shutdown And Limit Down’: Traders Come Into New Week Pondering Depression Redux
“Yet, without fresh capital, businesses will fold”.
Morgan Stanley Sees 30% GDP Contraction. Bullard Warns Of 30% Unemployment. Lawmakers Dither.
“Economic activity has come to a near standstill.”
Of Parachutes And Helicopters: Rates In The Time Of COVID
No one can see the end of the tunnel – or if they can, there’s little attention being paid to it.
More QE! RBNZ To Fire 30 Billion Bazooka At Virus
“The negative economic implications of the coronavirus outbreak have continued to intensify.”
$2 Billion Mutual Fund Drops 27% In Two Days, In Possible NAV ‘Catch-Down’
One plausible guess…
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