Good morning folks.  The epic battle continues between the massive support of monetary policy on one side vs. the decline of economic activity and earnings per share (EPS) on the other.  When the Fed announced their $2T program a week ago, we considered it a game changer because it made clear they would provide whatever support they needed to in order to keep credit flowing.  On the other side is the economic and impact to corporate profits.  Heading into that announcement we had been highlighting how poor credit was acting and when the Fed made their announcement last Thursday we called it a game changer because it showed when they see an area of credit potentially locking up they aggressively attack it.  In 2008, that was not the case.  The Fed appeared to have no idea how to handle a problem in credit until it was too late and it already had the negative effect.  The incredible monetary and fiscal stimulus our Fed and government are throwing at this should keep us from being negative.  On the other side, the incredible impact of the Covid-19 pandemic on the economy and corporate profits has kept us from chasing the expected relief rally.



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