The Covid-19 health crisis continued to send the markets roiling last night with the Dow now down 33% for the year, despite extraordinary Federal Reserve interventions.

Most markets are down a historically rapid 25 – 40% drop from their highs just five weeks ago.

A global recession seems inevitable, with Goldman Sachs estimating that second quarter GDP could shrink at an annual rate of 24%, a record slow down, dragging the S&P to 2000 by mid-year.


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