Gonna wonk out for a moment here. If you look at standard measures of expected inflation — the gap in yields between inflation-protected and nominal bonds — you might think that massive disinflation is coming 1/ 
But that's not what's happening; we went through something similar in 2008-9. What we're actually seeing is a cash crisis in which investors are making fire sales of relatively illiquid assets like index bonds, driving their prices down and yields up 2/
Lots of other data showing the same story, like soaring rates on commercial paper. The point is that the coronavirus is morphing into a financial and economic crisis too 3/
