Fear for All

(1) It’s officially a pandemic. (2) Global recession is underway as both healthy and sick people stay home. (3) Lowering our US GDP forecast to a growth recession for Q2 & Q3, but also raising odds of outright recession from 35% to 45%. (4) No change in our earnings recession forecasts for Q1 & Q2. (5) S&P 500 target: Pushing 3500 to mid-2021, while aiming for 2900 by year-end. (6) The kids are home. (7) Governor Cuomo and Chancellor Merkel saving us or scaring us? (8) Credit-quality spreads signaling credit crunch. (9) Waiting for a policy response: Helicopter money? (10) Fed, running out of ammo, may ask Congress for permission to buy corporate securities. (11) Clash of the Titans in the Oil Patch.