Good morning all, and I hope everyone is healthy.  There are signs of hope in the most recent data coming from New York State as Governor Cuomo announced Sunday that New York’s daily count of Covid-19 deaths is falling for the first time, with 594 on Saturday vs. 630 on Friday.  This news of a possible nearer peak in coronavirus deaths in New York could be a spark that may help lift the markets over the very near-term although the White House continues to suggest the week ahead could be the worst yet.  Either way, we continue to believe the bottoming process should take more time because the economy remains largely shut down through the end of April, the fiscal stimulus has yet to hit the pockets of those that need it, and the credit markets remain highly stressed despite the Fed’s historic infinity QE.

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