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Capital Market Outlook

April 6, 2020


  • Macro Strategy— Consumer Credit Risks of Coronavirus — The recently enacted $2 trillion of fiscal stimulus includes measures to help low-income and middle-class workers meet financial obligations coming due, but more support would be needed in the case of a more protracted recession. 
  • Global Market View— Tipping the Scale — Considering the unfavorable outlook for the emerging markets over the near-to-medium term, the coronavirus outbreak reinforces our portfolio bias toward U.S. equities versus the rest of the world.
  • Thought of the Week— Far from the Great Depression — There are a number of reasons why a continuation of the current sell-off toward a 1930s-style depression seems highly unlikely. ​
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