Federal Reserve’s Balance Sheet The Federal Reserve’s balance sheet could exceed US$ 9 trillion at the end of 2020, equivalent to more than 40% of US GDP. Image: Financial Times

Quarterly Dollar Notional Amounts of Bonds Downgraded from IG to HY The pace of rating downgrades has accelerated markedly in recent months. Image: Goldman Sachs Global Investment Research

S&P 500 Quarterly Drawdowns of 20% or More Since 1928, a 20%+ down quarter has coincided with major lows five out of eight times. Image: BofA Global Research

S&P 500 – 2020 vs. 1929-30 This chart suggests that the S&P 500 could find support without a full retest of the lows. Image: Morgan Stanley Research

Expected Duration of Global Recession This chart suggests the expected duration of the global recession based on survey data. Image: Oxford Economics

Bear Market – Comparing Speed of Decline to Speed of Recovery Of the 10 stock market drawdowns of about 30% since 1920, the median time needed to recover half of losses, was half the duration…

Global Crude Oil Demand Global demand for crude oil has fallen off a cliff, as the coronavirus pandemic spreads in the U.S. and around the world. Image: The Wall Street Journal

Secular Bull Market Analogs – 1949-1968 vs. S&P 500 since 2009 This chart compares the secular bull market of 1949-1968 vs. the S&P 500 since 2009. In 1962, the breadth thrust was about the same…

U.S. Dollar and Equity Market Bottom In the last recession, the U.S. dollar topped at the equity market bottom. Image: Goldman Sachs Global Investment Research

Actual and Estimated New Coronavirus Cases in the U.S. This chart suggests a potential second wave of infections in the United States in the fall of 2020. Image: Morgan Stanley Research

U.S. Buybacks Goldman Sachs expects buybacks to fall by 50% during 2020 compared with 2019 levels, suggesting slower EPS growth and less support for stock prices. Image: Goldman Sachs Global Investment Research