…and I thought we’d seen it all in 2008. We have updated our views on global credit to a more positive outlook in recognition of both the meaningful change in valuations this month and the significant policy response that has been delivered to combat the economic fallout from COVID-19. The speed and magnitude of the move has been breath-taking.
The fiscal and monetary response to the COVID-19 pandemic has been fast and furious. Nowhere has that pivot been more dramatic than at the US Federal Reserve. In troubled times, we shouldn’t have any doubt about the Fed’s ability and willingness to fix the cracks in the Treasury market.;