Policy action at the next level, but markets still in search of a ‘real’ catalyst

Where we stand in the crisis and what to watch: Investors have moved from underestimating the severity of the crisis (buoyant markets) to a full global escalation (with the US joining emergency measures) that has led to market disruption and over-reaction. We are still in this over-reaction phase and it will likely continue for some time as the news flow is heavy.

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