Good morning everyone, and I hope you are safe and sound.
There isn’t much new relative to what we wrote yesterday as we wait for the government to pass something similar to what was outlined by Treasury Secretary Steve Mnuchin. It truly is amazing the Senate has been unable to reach an agreement, but that is exactly what happened in 2008 following the Lehman failure and subsequent market panic. The initial proposal failed, but the market bounced off the low until the Senate ultimately passed the bill a few days later (Figure 1). Ultimately, the market knew the government would figure out a plan and the market saw a bit of stability before moving lower. Clearly this is a different situation, but lets hope they get their act together as businesses of all sizes are suffering from the “stay-at-home” mandate from many of our States.
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