Cycle Watch: Economic and financial commentary for April 2020

The COVID-19 pandemic has been devastating on a personal level, but the economic impacts are coming fast; chain disruptions for businesses and demand shocks from social-distancing consumers are pushing the U.S. and the global economy to the brink of recession. It’s likely that March 2020 will mark the end of the longest economic expansion in U.S. history and the start of the next recession. Financial conditions have tightened considerably after a sharp selloff for most asset classes. The Federal Reserve has responded aggressively, lowering their target rate to near-zero, restarting asset purchases and easing borrowing restrictions to keep liquidity flowing.

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