With Recession Upon Us, Will Shock And Awe Be Enough? [Forbes]
LEGG MASON (LM)
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Source: Forbes
The global financial market collapse now upon us has been unique, from its pandemic cause, to the speed of the selloff, to the truly extraordinary responses from policymakers around the world.Once it became clear that COVID-19 was spreading largely unchecked within the U.S., investors fled equities and rushed for the safety of U.S. Government bonds. This caused yields to plummet to all-time lows, with even the 30-year Treasury bond briefly yielding less than 1%. The S&P 500 Index saw its fastest decline of 20% from a prior peak (a bear market) in just 22 days.The second-fastest drawdown took twice as long and threw the nation into the Great Depression.When the downturn hit, volatility across nearly every asset class skyrocketed. That has largely played out, as cross-asset correlations are returning to normal and leverage has come down. Going forward, equity markets should be driven more by fundamentals as investors try to handicap COVID-19 and its associated recession.Recession upon u
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