Exiting the March 23 bottom, equity markets bounced back sharply, posting one of the strongest and quickest recoveries in history. Why? How? As inconceivably bad as economic data was in April, the unprecedentedly large monetary and fiscal response
from world governments was even more overwhelming. The combined strength of a united fiscal and monetary response from governments globally – flooding financial markets with abundant liquidity – backstopped risk assets and stabilized capital markets…
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