Return of the Black Swan March 20, 2020
Global equity markets finished the week on a sour note adding to already steep declines for the major averages around the world. The S&P 500 Index for the week shed more -15%, the sharpest weekly decline since October 2008 when the collapse of Lehman Brothers triggered an -18% decline for the index. The near collapse of the global banking system required a coordinated global response from policy makers and unprecedented interventions in the capital markets took place including emergency lending facilities, asset purchases, company bailouts among others.
