This has been the sharpest market selloff in history...

This was the worst week since Lehman (and worst 4 weeks since Nov 1929) for The Dow Jones Industrial Average...(Dow was down 18% during the Lehman week and 17.35% this week)

Source: Bloomberg

Despite The Fed gushing a stunning $307 billion into the markets - almost double its previous biggest liquidity injection (in March 2009)...

Maybe it was the 'stock' and not the 'flow' after all...

Source: Bloomberg

Stocks still have a long way to go to erase all the delusion (compared to actual profits)...

Source: Bloomberg

And if you think stocks already fell too much, think again... Total market cap to GDP is just now retesting the peak of the housing bubble levels!

Source: Bloomberg

As @TaviCosta notes, "This puts into perspective... We truly were at absurd valuations."

Never Forget!!

Chinese markets are mixed since the Wuhan flu began with tech-heavy super-leveraged ChiNext still green as the the megacaps get pummeled...

Source: Bloomberg

In Europe, "Whatever it takes" wasn't enough...

Source: Bloomberg

Nasdaq remains notably higher since President Trump's inauguration, S&P is barely higher but The Dow, Transports, and Small Caps are all underwater now (the latter two crushed)...

Source: Bloomberg

And US stocks are testing a serious trendline...

Source: Bloomberg

S&P 500 broke the post-crisis uptrend dramatically...

Source: Bloomberg

With the Median US Stock down over 50% from its highs...

Source: Bloomberg

The US Stock markets have lost almost $30 trillion in the last few weeks...

Source: Bloomberg

And US stock market volatility has not been this extreme since Black Monday in 1987 and Black Monday in 1929...

Source: Bloomberg

Credit markets are utterly collapsing with nothing The fed did this week helping... HY is the worst since the financial crisis, topping 1000bps for the first time since May 2009...

Source: Bloomberg

And HY has a long way to go if it catches up with fundamentals...

Source: Bloomberg

And investment grade credit is getting crushed at a record rate...

Source: Bloomberg

Treasury bond vol has exploded - at its sharpest rate ever...

Source: Bloomberg

Bonds and stocks have completely decoupled, trading down together and breaking the 'normal' correlation regime...

Source: Bloomberg

Very volatile week in bond-land but thanks to today's buying pressure, most of the curve ended lower in yield (dominate dby the short-end) as stocks collapsed...

Source: Bloomberg

On the day, bond yields cratered - 30Y fell a stunning 37bps, the most since 2008; and 10Y fell 30bps, the most since 2009...

Source: Bloomberg

10Y yields were marginally lower on the week (amid a massive 65bps intra-week range) and back below 1.00%...

Source: Bloomberg

Muni yields ended up 60bps today - refusing to improve despite The Fed's new facility...

Source: Bloomberg

Amid all this carnage, negative-yielding-debt worldwide has evaporates rapidly as bonds have been dumped everywhere (sending yields higher)...

Source: Bloomberg

The dollar is up a stunning 9 days in a row...as the global dollar shortage creates an unstoppable bid every day after Europe opens...

Source: Bloomberg

This is the biggest 9-day surge in the dollar (a shocking 8%-plus) ever - more than when Soros broke the Bank of England...

Source: Bloomberg

Cryptos had a big week, extending gains from last week...

Source: Bloomberg

With Bitcoin up 85% from last week's lows...

Source: Bloomberg

Absolute carnage in commodities this week as a strong dollar and ugly fundamentals slammed copper and crude...

Source: Bloomberg

Precious Metals were pummeled this week as the dollar soared with Platunum worst and gold best...

Source: Bloomberg

But oil was the real headline on the week - utterly devastated and Putin's comments today spoiled the party from yesterday's best day ever... This was WTI's worst week since 1991...

Finally, as a reminder, Santiago Capital explains why The Fed Swap Lines aren't working... (and in fact are making things worse)...

Just a quick note to remind everyone that dollars flowing via swap lines are not a gift.

They are loans.

Loans are future demand for dollars.

Demand.

Demand for dollars is off the charts.

So while swap lines provide ST liquidity, they increase overall demand.

THEY INCREASE DEMAND pic.twitter.com/NTzJOTNbvu — Santiago Capital (@SantiagoAuFund) March 19, 2020

For a month, global stock markets refused to take any notice of the virus that was taking hold in China... not our problem... we'll be fine... Fed will rescue us... v-shaped recovery... and then...

Source: Bloomberg

And the prediction market says that the Wuhan flu has done what Schiff and the Democrats couldn't with three years of bullshit narratives...

Source: Bloomberg

And what happens next?

Source: Bloomberg

And this is not very reassuring - as all the chatter of helicopter money has sent USA sovereign credit risk notably higher...

Source: Bloomberg