Liquidity, Solvency and Resiliency
Corona costs & benefits, fear & loathing of the Fed and the end of the Great Disinflation
The Fog of War
The tension between the economic costs and health benefits of the population-based virus mitigation government mandates was the primary market theme this week. After discussing our views that there would not be a retest of the March 23 equity market low and serology testing would indicate the spread of the virus was much greater than the …