Let's start with an overview of the markets.
- International economies are struggling to deal with the virus outbreak. On the plus side, fiscal and monetary authorities have taken unprecedented action to mitigate the damage. But short-term, the numbers will look like entire countries were hit by a natural disaster.
- The bond market was buoyed this week by the Federal Reserve, which used its "lender of last resort" authority to create and implement a host of liquidity-providing facilities.
- The equity market rebounded, due to the passage of a massive stimulus bill that equals about 10% of