– Mkts bounce on $2 trillion fiscal package & largest Fed intervention in US history. WSJ reports the pandemic leading to the fastest re-allocation of labor since WWII.
– 2020 has brought some of the widest dispersions between sectors and styles that we’ve ever seen. Too many to mention.
– Too much oil, not enough gold. Oil prices, down more than 65% ytd, have sunk to 17 yr lows. Meanwhile, WSJ reports a shortage of physical gold bars and coins.
– Fed intervention in corporate credit markets led to a rally in both investment grade and high yield corporate bonds.

– Bear market unfolding at historic speed. Risk assets declining in lockstep, and Treasuries have been the only safe-haven.
– Communication Services, a smaller sector, was a standout for only declining 1.7% last week. Energy stocks have lost more than half their value year to date.
– Gold was the only asset beside Short-Intermediate Treasuries that went higher.
– Fed announces plan to buy unlimited amounts of mortgages and Treasuries. Fed is intervening everywhere it has legal authority to do so.