The coronavirus has hit financial sector earnings as interest rates have been retrenched back to the zero lower-bound, insurance claims have slightly risen, and commercial loan losses have surfaced. However, with the Federal Reserve growing its balance sheet by nearly $3 trillion, or 75% quarter-over-quarter, it has provided an unprecedented willingness to backstop financial markets. The Fed is purchasing U.S. treasuries, MBS, municipal bonds, ABS, commercial paper, and investment grade bonds. If the market cannot price credit risk in these assets classes properly, then the underwriters and intermediaries stand to benefit the most, i.e. financials.