"The US economy was largely frozen, causing 54M Americans to file for unemployment benefits since March 21 and 2q GDP to shrink by an annualized 32.9%, 3x the greatest quarterly decline in the 70 years of recorded quarterly history." Oaktree memo.
Interesante reflexión de H Marks: "So rather than the desired progression of infection, coma, life support, treatment, cure and resuscitation, we’ve had a progression of infection, coma, life support, treatment and resuscitation. The cure is missing." #Covid19
"Titanic forces are arrayed against each other: Fed and Treasury versus disease and recession. Which will win?" HM (The Fed & The Markets). #landscape
Randall Kroszner, former member of the Board of Governors of the Fed (via H Marks). #QEinfinity
In the last 5m, Fed has swollen its balance sheet by $3T & the Treasury has added $3T to the expected deficit, for a total increase of $6T, probably w more to come; logical to think that this liquidity will increase #inflation (sooner or latter). Randy Kroszner view:
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