It is important to recall the backdrop before COVID-19 struck. Canada was already in a recession in Q4 2019 and with very weak oil prices. Economies were slowing around the world, many entering into recession. The US and most world economies were reeling under the trade war with the US and China. There were problems in US financial markets that started last September when the Fed began large monthly injections into REPO markets. That has continued right into the new QE programs.
COVID-19 struck when there was already plenty of economic weakness. You can be