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COVID-19 UPDATE: Daily cases fall to 20,027 over the weekend (-5,000 vs Friday). Record balance in money markets $4.8T even as equities retraced >50% of its losses

COVID-19 remains a global crisis and we realize that many people need to keep up with COVID-19 developments, particularly since we are moving into the more critical stage ("restart economy"), so feel free to share our commentary to anyone who has interest.

CBS 60 Minutes aired an interview by Scott Pelley with Federal Reserve Chairman, Jay Powell (transcript link --> 60 Minutes interview). It was a wide-ranging interview, but two things really resonated us:

- first, Powell's statement "we're not out of ammunition, by a long shot"
- second, when asked what he is watching, he responded "the thing that matters the most is the medical metrics"

This pretty much lines up with our thinking.  Don't fight the Fed (just like we can't fight City Hall).  I was surprised to hear him relay that medical metrics matter the most.  This has been our take.  That we need to track the progress of the disease to be informed about the investment roadmap.  And of course, this is logical.  But we do not hear this often when people are commenting on their economic outlook.

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This statement is really the key statement from the interview.  The Fed is not out of ammunition and there is no limit.

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