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just the call seven trillion over on the Fed balance sheet.

Joining us now to weigh into the situation,

Jared Woodard of Bank of America.

Jared, fantastic to catch up with you, sir.

It's a delicate moment.

Risk appetite in the cyclical areas of the market

just starting to build over the last few weeks and at the same time the

relationship between China and the United States breaking down what's the

message to clients at the moment Jared well yeah it's great to be with you all I think there's the message to clients at the moment, Jared? Well, yeah, it's great to be with you all.

I think that the message for us is that the key thing for returns

in the next several quarters is what kind of policy path we take

coming out of this pandemic and charting a path forward. policy path

forward, you know, coming out of this pandemic and charting a path forward, you know, three broad scenarios.

If we do just give, you know, you extend some unemployment insurance,

plug the revenue hole for states.

We think that will happen, that that's the limit of what we have, but we think the return to

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