Good morning and I hope everyone had a great weekend. The market looks to open a little weaker despite the agreement between Russia, Saudi Arabia, and the U.S. We continue to expect volatility should stay high, but the incredible action by the Fed was a game changer by taking the worst-case scenario of a total credit collapse off the table likely meaning the market may not go all the way back to the 03/23 low. What is different in the current crisis is that the Fed seems to be reacting much more quickly and forcefully than they have in the past when issues began to show up in credit. That is a great thing, and given their public disclosure they stand ready to attack any issues hampering the movement of money.
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