Greetings,
United States: Consumer delinquencies were picking up before the epidemic.
We are now going to see a spike in delinquency rates. Here is the Google search frequency for the phrase “can’t pay.”
Households are starting to tap home equity lines of credit.
China: Activity indicators continue to point to a gradual recovery.
Credit: The Fed’s decision to support the investment-grade (IG) corporate bond market resulted in the largest IG ETF (LQD) trading at a premium to NAV.
Rates: Previous QE programs have resulted in upward pressure on Treasury yields.
Global Developments: Central banks continue to cut rates.
Food for Thought: Tracking cell phones from one area on a beach in Florida fanning across the country:
Edited by Daniel Moskovits
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