- World’s Biggest Wealth Fund Faces Record $37 Billion Withdrawal – Bloomberg
- China wants to make the yuan a central-bank favourite – Economist
- Fed Says It Will Begin Buying Corporate-Debt ETFs – “…The preponderance of ETF holdings will consist of those mainly exposed to U.S. investment-grade corporate bonds, with the remainder largely exposed to U.S. high-yield corporate bonds…” – Bloomberg
- Why I Cashed Out of the Covid-19 Rally – “…The initial stock-market fall looked about right. The S&P 500 fell 34% between Feb. 19 and March 23, on the first estimates of the severe economic damage that Covid-19 and the measures needed to contain it would cause. What’s perplexing is what happened after that. Between March 23 and the end of last week, the market rose 31%…” – Bloomberg Opinion
- Global economic outlook still worsening, says IMF – “…With the crisis still spreading, the outlook is worse than our already pessimistic projection. Without medical solutions on a global scale, for many economies a more adverse development is likely…” – Financial Times
- Druckenmiller said “the prospect of a V-shaped recovery in the U.S. is ‘a fantasy’ and the risk-reward calculation for equities is the worst he’s seen in his lifetime” – Bloomberg