The World Has Stopped. In an unprecedented event, the global economy has entered a medically-induced coma. The S&P 500 has crashed 34% from its February highs, the fastest bear market in history.
Volatility is off the charts. The VIX closed at 82.69 on March 16th, surpassing the 2008 peak. Credit spreads have blown out, and liquidity in the Treasury market—usually the deepest in the world—has evaporated.
Oil Shock: Demand destruction is so severe that WTI crude futures are trading at imminent risk of turning negative due to storage capacity constraints. (Update: They did, hitting -$37.63 in April).
Central Bank Response: The Fed has unleashed 'Unlimited QE', buying corporate bonds for the first time in history. The mantra is 'Don't Fight the Fed', but the economic data is catastrophic.