The time of massive volatility in capital markets continued over the past week, and this was particularly evident on Wall Street. On Monday, in order to keep interest rates low, the FED announced the TALF (Term Asset-Backed Securities Loan Facility) plan, which provides for virtually unlimited QEs. The first market reaction was optimistic, but later investors said "check" and proceeded to massive sale of shares.

On Monday, the discount was high, but the next days are the Fed's win and making up for losses, so that in the end the S & P500 index will gain over 10%. Meanwhile, macro data from last week in the form of over 3 million new applications for unemployment benefits were ignored. The coronavirus incidence curve is steadily increasing, an increasing proportion of American industry is standing. The labor market is just awaiting a shock. The upside is the adoption of an assistance program for the US economy and consumers with a previously unseen scale of over USD 2 trillion, but this will only alleviate the effects of a pandemic. It can be predicted that we are not going to see V-style reflections now, but rather a period of increased volatility, perhaps even a deepening of this year's minima and waiting for information indicating a pandemic is under control and a return to normalcy.