Investors Practice “Social Distancing” to Financial Assets

Over the past month, equity markets and financial assets broadly, have been attempting to price in the dual shock of a pandemic and the sudden collapse in oil prices, the latter a huge negative for the energy sector. The roughly 30% drop in the U.S. equities is pricing in >100% probability of a recession.

Stocks have responded to the growing liquidity stresses across financial markets. The 100% basis point Federal Reserve cut Sunday has been ignored by investors, arguably worsened fragil...

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