−20%0+20%+40%+60%−114%−2×+114%+2×CPI release for February 2020: +0.1% on the month, core +0.2%WHO characterizes COVID-19 as a pandemicProducer prices for February 2020: -0.6% on the monthCOVID-19 market crashFed cuts rates to zero and launches $700 billion of asset purchases