Payne's Perspective: April 13, 2020: We'll Fly to the Sun Again
The nation endured another shocking round of job loss, rewriting the history books. With an additional 6.6 million claims, the three-week total approaches 17 million. We brace for a continuation of these numbers in the week ahead, coupled with the potential peak number of new cases and daily deaths.
The response has also been one for the history books; and yet, there is a great sense more will have to be done, particularly to help small business owners.
The most remarkable financial news of last week was the announcement that the Federal Reserve will pour another $2.3 trillion into the economy through loans to small and mid-sized businesses, municipalities, and the corporate bond market. Also, the Fed will purchase high-yield debt, a.k.a. junk bonds, (Fallen Angels) from companies that have recently lost their investment-grade ratings. When I hear that term, I think a better analogy is the fall of Icarus. Not an angel, but a man that flew too close to the sun. The cautionary tale of Icarus was designed to stop men from dreaming and adhere to the rule of kings.
When we recover from this period, we should all resolve to retain our rights and to fly even closer to the sun.
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