FOMC Day: Apr 29, 2020

It was perhaps inevitable that the latest Remdesivir puff piece would hit mere seconds before the (not coincidentally) delayed and (even more) disastrous -4.8% GDP (vs -3.5% expectations) print.

At -7.8%, personal consumption dropped more than it has in 40 years.But, pay no attention to the crumbling economy.  Remdesivir! (which killjoy Scott Gottlieb reminds us is not a cure and peer-reviewed research presented in The Lancet reminds us has no net benefit versus a placebo.)

In this study of adult patients admitted to hospital for severe COVID-19, remdesivir was not associated with statistically significant clinical benefits.

The net effect: a 73-pt (so far) ramp job off the after-hours lows on a day when it’s hard to imagine what more the FOMC might do to push stocks even higher.  How do you improve on “whatever it takes?”For those who missed it, CNBC’s interview with former Dallas Fed President Richard Fisher was quite interesting. The highlight was his prediction that the Fed’s balance sheet expansion is targeting $10 trillion. As a frame of reference, the market cap of the entire S&P 500 at the end of March was $21.4 trillion.  Japan, here we come.

continued for members


Sorry, this content is for members only.

Click here to get access.


Already a member? Login below

Remember me (for 2 weeks)

Forgot Password