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Core Comments Quarterly Newsletter

April 8, 2020 The stock market dropped over 30% in four weeks, a record for the fastest decline. It rapidly became clear that there were no winners in the selloff. Everything was dropping except the dollar (at effectively a zero return). Commodities falling was no surprise given the widespread anticipation of a recession. Yet the bond market did surprise, given that the Federal Reserve cut their key rate to zero, one would have expected a rally. Yet many parts of the bond market experienced dramatic losses while the government bond market careened.