Markets driven by high monied people, imo, worried more about when they can get to their beach house than they worry about peons like me. Cuomo and others like him are getting haircuts, living close to normal lives. Nero fiddles while Rome burns. Let them eat cake, lol.
Future fear factor by consumers will drive savings rate up, spending down, imo. Many are learning how to live without, saying yes to "I have to" and no to "I want to." Consumer spending will return to 65% of former levels for an extended period, imo, and so will GDP. Market has not caught the virus yet.
"Explainer: Why 14.7% unemployment rate doesn't capture the true state of the coronavirus economy"
"But these grim numbers — both slightly less horrible than economist expectations - don’t capture the staggering impact of the coronavirus pandemic on the workforce in the world’s largest economy. The true unemployment rate may be closer to 19.5%, the government said in a note attached to its report. And that figure does not even count people whose hours were cut sharply due to the virus, or who couldn’t look for work because of stay-at-home orders."
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