Financial markets have experienced an incredible amount of volatility thus far in 2020. Government efforts to contain the spread of the coronavirus resulted in a sudden stop of global economic activity—one of the deepest and sharpest recessions in modern history—and a broad selloff across risk assets. Government bond yields collapsed, benefitting from “safe haven” demand. Policymakers responded quickly with massive monetary and fiscal support measures that restored confidence and fueled a strong market rally off the March lows.
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