, Columnist
Credit May Be the Crisis Opportunity. No Joke
Governments will be reluctant to permit bankruptcies and defaults, as the post-Lehman bailouts showed.
It’s all about this.
Photographer: Scott Eells/Bloomberg
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This was, in my experience, a joke-free April Fools’ Day, which just about sums it up. With estimates for the spread of coronavirus in the U.S increasing, it was no surprise that stocks and bond yields took a fresh turn downward — although both remain within their remarkable ranges of the last month. With more people finding that the virus has touched someone close to them, the psychology is unsurprisingly negative. Nobody felt like buying stocks, or playing jokes.