Present situation had its largest decline ever, but future expectations actually improved. Long-term confidence hasn’t cracked yet.

Mind the gap.

Present situation had its largest decline ever, but future expectations actually improved.

Long-term confidence hasn't cracked yet.

Barrons big money poll looks the same:

Only 4% of investors are bearish for 2021.

The "In Fed We Trust" mentality remains strong. pic.twitter.com/gGJdLeo3cc

— Otavio (Tavi) Costa (@TaviCosta) April 28, 2020

https://twitter.com/i/status/1255232958497161217

Supercharged.

Fed’s ownership of overall TIPs just surged to record levels.

50% of the recent stimulus was used to suppress LT rates.

Then add:

-Monetary base expanding
-Deficits skyrocketing
-Commodities/equity at 50-yr lows

It’s an explosive mix for precious metals. pic.twitter.com/ifZU55aChB

— Otavio (Tavi) Costa (@TaviCosta) April 28, 2020

Bank of America Asset Management chart of combined global central bank balance sheets vs MSCI world index

'09-'19 Correlation = .95⚠️

H/T @themarketear pic.twitter.com/TOekHe2ehb

— M/1_LP (@MI_Investments) April 29, 2020

https://t.co/F31PAoV5Ym pic.twitter.com/0xbLape3sL

— M/1_LP (@MI_Investments) April 29, 2020

A bargain, at $8 trillion in global central-bank support. https://t.co/7n5NCVput9

— Carl Quintanilla (@carlquintanilla) April 29, 2020