Early Market Bulletin

Friends

There are some positive developments this morning with regards to government and central bank responses to the potential economic damage from COVID-19. First, on the fiscal side, Secretary Mnuchin indicated this morning that we are only in the 2nd inning of government response, basically indicating the they are all in with regards to whatever it takes to keep the economy afloat in the near term. Now, of course, there will be some political wrangling, but at least, as of this morning, we’re getting good signals.

The monetary response has already begun. The Fed cut rates last week and are likely to do so again next week. Even more importantly, signals from the Fed seem to indicate that they are also all in with regards to providing liquidity to segments of the markets that need them.

Finally, on the medical front (the most important with regards to sentiment and calming fear) we got good news about testing, as it appears that finally we will be able to test more folks and get results much faster.

Stocks have responded positively, so far, but we will monitor the action and let you know at the end of the day how it all played out. Stay tuned, we are committed to keeping you informed.

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