Thickening Skin… With Trump giving up on his vision of an Easter resurrection for the American economy and scary scenes beginning to unfold in NYC hospitals over the weekend, US futures had every right to flash red overnight. The fact that US indices have fought their way back and are now holding onto gains shows investors may have built up some callouses to scary virus headlines and once unthinkable economic datapoints (see the S&P barely flinching at a -70 print on Dallas Fed manufacturing). Still the worst is yet to come on both of those fronts, and plenty of chatter around a W-shaped recovery leaves the impression many are expecting a reversal of fortune once the quarter-end pension rebalancing mojo officially peters out
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