Mike Wilson of Morgan Stanley:
“This time, we have a potentially much more inflationary combination of an unprecedented targeted fiscal stimulus and possible deregulation of the banks to get the cash into the hands of lower income individuals and small businesses that are inclined to spend it. Such a dramatic shift in US fiscal and monetary policy relative to other regions should lead to a materially weaker dollar, which is ultimately the easiest path to reflation not only for the US, but also the world.

…with the forced liquidation of assets in the past month largely behind us, unprecedented and unbridled monetary and fiscal intervention led by the US, and the most attractive valuation we have seen since 2011, we stick to our recent view that the worst is behind us for this cyclical bear market that began two years ago, not last month.” – Morgan Stanley’s Wilson