Unprecedented times.. one of the most commonly used words we heard in the news lately, and yet so true. As of April 4th, there are 6.6 million Americans filed for unemployment benefits which is almost 10 times higher than any previous record! In the meantime, financial markets dazzled many investors amid COVID-19 outbreak due to the sudden stop in the economy and the steepest stock market meltdown. With the central banks and policy makers interventions across the world, asset prices started to recover from the record lows within few days. If we take S&P 500 index as a reference, the index dropped around 35% from February 19th and jumped back almost 25% from its March 23rd lows in 2 weeks. In this crisis mode, the FED intervened heavily in the debt market and committed to buy back initially investment grades, then municipal bonds, collateralized loan obligations and last but not

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