Most equity markets markets seem to be turning down.

Yields are going down, a bit.

FX has no clear trend, that I can see.

Today I noticed that Turkey has 11.4% inflation and 13% unemployment. The Phillips Curve obviously doesn’t work very well there. “Policy rates” are at 8.25%.

TSLA now has a market cap bigger than Toyota. WTF??

BLM and pulling down statues seem to be the dominant themes, but people are getting excited about the pubs opening and singletons being allowed to socialize.

Market Plunge

SPX is down 4.5%, which used to be quite a lot. The yield curve is back to where it was a month ago

Probably, after such a violent move, we’ll get a bounce tomorrow. That’s what markets do. People BTFD. But it could be a true break. We are, after all, at very elevated levels, given the damage that the virus has done to the economy. Or, maybe more accurately, what various governments’ responses have done to the world economy.