We are now in a financial crisis

The awesome scale and scope of the coronavirus pandemic is now becoming clear as countries around the world enter lockdown and quarantine. And financial markets are in turmoil as a result. I am writing this before the open in NY. But…

Are we in recession already?

Setup We are set for yet another down day in equity markets, with S&P and Nasdaq futures showing 3% losses as I write this. The real moves are in the bond market though because we've seen 20 basis point moves at the long-end of the…

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