−20%0+20%+40%+60%+80%−75%−1×+75%+1×Fed cuts rates by 50bp in an emergency moveJobless claims for the week to Feb 29, 2020: 216,000 (-3k)Jobs report for February 2020: +358k, unemployment 3.5%CPI release for February 2020: +0.1% on the month, core +0.2%Producer prices for February 2020: -0.6% on the monthFed cuts rates to zero and launches $700 billion of asset purchasesRetail sales for February 2020: -0.3% on the monthJobless claims for the week to Mar 14, 2020: 281,000 (+70k)Fed pledges asset purchases in the amounts needed