1. Citi warns markets are out of step with grim reality – FT

1. Krugman is pretty upbeat about the economy – Noah Smith, Bloomberg
2. Fed ramps up deliberations on asset purchases, rate guidance – WSJ
3. Stocks have reached a tipping point…investors prepared to believe the best – Bloomberg

“…The US stock market has rebounded to within 6 per cent of its level at the start of the year, and American companies have been able to issue record amounts of debt. In large measure that is because investors have credited the central bank with eliminating the threat of a financial crisis, putting a floor under asset prices and working to stimulate the US economy as it reopens….”

1. U.S. Says Hong Kong’s Autonomy Is Gone, Sowing China Trade Doubt – Bloomberg
2. Big Bankruptcies Sweep the U.S. in Fastest Pace Since May 2009 – Bloomberg Markets

1. EU Will Propose 750 Billion-Euro Fiscal Stimulus Package – Bloomberg Economics

1. China’s Weaker Yuan Fix Is the Real Cold War Salvo – Authers, Bloomberg Opinion

1. S&P warns on South Africa’s economic frailty – Bloomberg
2. Deflation hit Canada in April – WSJ
3. Negative yields could be coming to money market funds – Barron’s

1. America Has Opted for a Bad Recession – Kocherlakota, Bloomberg Opinion
2. Real Estate’s Demise Creates a Graveyard for Fools – Authers, Bloomberg Opinion
3. Many Jobs May Vanish Forever as Layoffs Mount – NY Times

1. JPMorgan Sees ‘Currency Debasement’ Payback Risk From Stimulus – Bloomberg Markets
2. Would governments make gold ownership illegal? – Bloomberg
3. Federal Reserve’s swaps intervention will preserve dollar’s reach – Gillian Tett, FT

America is that confident neighbor with the basketball court and pool out back as well as the high fence and well-stocked wine cellar/bunker. In a crisis, you want to know that neighbor. It’s safe at his place. Even if you don’t particularly like him.

— Read on www.bloomberg.com/amp/news/articles/2020-05-20/coronavirus-crisis-reminds-the-world-why-it-needs-dollars-donnan