There is an epic battle between two extraordinary market forces – monetary policy and economic activity. On one side, we have historic monetary accommodation from the Fed. For years, we have heard “the Fed is out of bullets;” but, their announcement of a $2.3T stimulus package last Thursday on top of what was announced in March argues otherwise. Their intention of buying high yield corporate and municipal debt indicates that as long as the U.S. dollar is a primary currency, the Fed never runs out of bullets. On the opposing side of this epic battle, we have a near shutdown of the global and domestic economy that may last until May or even June, and once we are encouraged to go back to work it is likely to be in stages.

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