VALUATIONS: MARKET VOLATILITY,
MARKET OPPORTUNITY
‣ Fiscal policy to date: designed to plug the temporary holes in
incomes and obligations that can’t be met during the shutdown
period.
‣ Major unknowns around virus: Shape of recovery, what is
priced in?
‣ Growth could begin to rebound in the 3 rd and 4 th quarters as pentup
demand results in more spending and investment.
‣ Potential for negative “aftershocks” to arise that may need even
more targeted stimulus.
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