Since our last update a week ago, market dynamics have developed very much along the lines we outlined as our expectation. The US Federal Reserve has taken the lead and lowered US interest rates by 0.5% to provide additional monetary stimulus to counter the economic pressures the virus containment actions inflict on economic activity levels worldwide. Western governments have not only taken decisive steps to prevent an uncontrolled spreading of the virus, but are also standing at the ready to mobilise fiscal spending programs to get the global economy back on track, once the worst has passed.
Stock markets in the meantime have done precisely what we suggested and have ricocheted wildly between recovering stunningly, falling precipitously and recovering again, thereby providing the financial media outlets with plenty of headline-grabbing record numbers.
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