−30%−20%−10%0−8.3%−2×−4.2%−1×+4.2%+1×+8.3%+2×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%WHO characterizes COVID-19 as a pandemic