−20%0+20%+40%−38%−2×−19%−1×+19%+1×+38%+2×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 monthJobless claims for the week to Mar 14, 2020: 281,000 (+70k)Fed pledges asset purchases in the amounts needed