[pdovy]

IMO the severity of the situation and the economic fallout has become more clear over the weekend as more states have issued broad orders regarding school/restaurant/bar closures and limits on public gatherings.

Ultimately the Fed can give a lot of help here, but can't fix the underlying problem. Easing credit for businesses will help get some through to the other side but it won't replace lost revenue.

Things are going to be very volatile for the foreseeable future. Non-Farm Payroll data released in a few weeks time would have had the househould sample conducted last week, so we may not know the full impact on unemployment until May, realistically.