−20%0+20%+40%−76%−2×−38%−1×+38%+1×+76%+2×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 pandemicCOVID-19 market crashFed cuts rates to zero and launches $700 billion of asset purchasesRetail sales for February 2020: -0.3% on the month