This [COVID-19] crisis has shored up and spotlighted the strength of the dollar. It underscores that when there is a crisis the only asset anyone wants to hold is dollars.
The U.S.-China relationship has deteriorated to a new post-Tiananmen low at a particularly unfortunate time, when the two countries ought to be joining forces to limit the ravages wrought by the pandemic on public health, economic activity and financial markets.
We’re seeing a bifurcation of the economy. Some are moving up toward the high end, while others are stuck or are getting shifted toward the low end. And some are leaving the workforce altogether.