– Large bounces in US risk assets last week on news of even more drastic Fed intervention, this time in junk bonds.
– It’s unusual, but not unheard of, that the sectors and styles that were leading the bull market are also leading early in the bear market.
– Saudi Arabia, Russia, and US lead coalition to cut oil supply, but it may be too late to stem oversupply from sharp drop in demand.
– Neel Kashkari, Minneapolis Fed President, tried to temper expectations for a V-shaped economic recovery over the weekend, as Fed’s bal sheet surpasses $6T.

– Bull market ends, just shy of its 11th birthday. Bear market began with a massive unwind of leveraged investors as Coronavirus triggers a global recession.
– Previous bull’s most loved (Tech, growth, etc) continue to hold up, while the most unloved areas are punished further (Energy, small value, etc).
– Nearly 10mil file unemployment claims over the last 2wks. Gold and US Gov’t securities the only assets to close up in Q1. Prices on 20Yr Treas climbed more than 20%.
– Global demand for US dollars surged. In effort to meet the demand, Fed stages the most significant intervention in US history, opening the door to buying corporate bonds.