Market Update - March 24, 2020

Over the past month, there has been a flood of monetary and fiscal programs enacted and proposed globally. The focus has been on mitigating the damage to individuals and businesses (and supporting a faster recovery once economic factors and markets stabilize), while trying to facilitate some form of functioning capital markets. For example, in Europe, last week the ECB launched a 750 EUR ($830 bn) bond-buying quantitative easing (QE) program and the Bank of England (BOE) cut its rates by 15bps to 0.1% and increased its bond-buying QE program by 200B GBP ($240 bn). To date, the monetary easing has had limited to no success impacting market conditions, particularly in equities and non-sovereign debt.

This is the second in our series of weekly updates on the impact of Coronavirus. If you have missed the earlier update, please reach out to to receive back issues and to be added to the distribution list.