This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macroeconomics telling it like it is. Bullish your bearish, no holds

barred. Now here are your hosts, Eric Townsend and Patrick Sarasna.

Macro Voices episode 212 was recorded on March 26, 2020. I'm Eric Townsend. This episode

of Macro Voices is brought to you by top traders on plug.com, a podcast dedicated to

quant and rules based investing, helping investors overcome behavioral biases, and by my own

vacation rental property on the coast of Maine, which I'm repurposing as a COVID-19 safe

haven for families who want to escape city life for a few months during this crisis.

It's been said that in finance there are decades when nothing happens and weeks when

decades happen. This has been a week when decades happened. Monday morning saw the biggest

monetary policy intervention in world history, with the US Federal Reserve embarking on a

new program of quantitative easing with an unlimited asset purchase budget. Then on Wednesday

evening, the Senate unanimously passed the biggest fiscal policy intervention in US history,

and the form of a $2 trillion fiscal stimulus deal. The bill had not passed in the House

of Representatives when we taped today's podcast, but imminent passage is widely expected.

Meanwhile, President Trump has announced aggressive plans to begin reopening the US economy

by Easter. But several signs suggest he may be losing the confidence of his medical

advisers, with Dr. Anthony Fauci commenting in a separate television interview that you

don't get to set the timeline because the virus sets the timeline. So what does all

of this mean for markets? Are all the ingredients in place to drive a sustained recovery from

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