U.S. focus: Right now the biggest issues are demand and liquidity. Demand fell off a cliff. When demand falls off like that it screws up working capital flows so now there’s a huge demand for cash. That’s why the fed stepped into the treasury, money market, commercial paper and municipal bond markets. It also looks like they may try to step into the corporate bond market to keep it functioning. Prior to all this the general consensus was that markets were priced to perfection, highly priced but not unreasonable given growth. The market needed growth to function. The risk of defaults will be delayed a bit but severe when if/it hits. Much of the market is covenant lite so by the time you report financials, break covs, get through the cure period many businesses will have the entire capital structure wiped out. Events like this tend to have lasting impacts on people, it changes their consumption and savings behavior. People will demand that certain industries have more resilient supply chains and larger economies will take protectionist stances in those industries. There’s so much to unpack here...