Obviously, the most important news this week was the Fed's policy announcement, which said the Fed would keep rates at 25 basis points. Let's parse some of the release (emphasis added):
The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year. Weaker demand and significantly lower oil prices are holding down consumer price inflation. Overall financial conditions have improved in