Loading up on Treasury securities, mortgage-backed securities, repos, “central bank liquidity swaps,” and “loans” to keep the Everything Bubble from imploding further.
This type of sudden, previously unimaginable fall-off-the-cliff data about the lockdown-economy is gut-wrenching.
Neither the Fed nor the Treasury can bail out brick-and-mortar retailers.
Economic powerhouse Texas first got hit by the Oil Bust then by the Coronavirus. Expect similar confluence of unrelated factors in other regions.
Now even the fig leaf is gone.
Just astounding. So many downgrades in just of a couple of days. And zero upgrades. Here’s who got hit over the past couple of days.
Fed’s assets spike to high heaven to bail out the imploded Everything Bubble it had worked so hard to inflate over the past decade.
No one has ever seen anything like this.
In good Financial Crisis manner, stuff blows up despite the Fed’s effort to stem the chaos. Now hoping for taxpayer bailouts.
Even after the bottom is perceived to be in, “buybacks may be slow to come back” as companies struggle for cash amid potential government restrictions on buybacks and their dismal public image: S&P Dow Jones Indices.