Of course, they have little choice, but the Fed said it would keep the stance of policy “until it is confident that the economy has weathered recent events and is on track to achieve its” goals. This does fit into the “bigger is better “category but probably a day late and a dollar short.

The cut to zero not a surprise but for timing the market went into shrug mode as, for the most part, this was priced in the cake.

The asset purchases are a surprise from Friday, but not really.

The Fed can (and likely will) increase the limit as time and circumstances evolve. Which suggests they (Fed) do have what’s left of the markets’ back.

Dollar swap line = Global coordination

Not a surprise as smaller central banks is fraying at the edges due to domestic US dollar funding strains. But the key takeaway here is very positive as that Fed announcement shows global cooperation and that is one of the few bright points today. Still, the mad dash for US dollars will likely move like a wrecking ball through much of EM FX.

Reserve requirements to zero

This change looks super technical and well beyond my pay grade.

Expect the Fed to remain at the ZLB well into 2022

As we enter the worst-case scenario black hole, the US economy will contract significantly in Q2, and with it, a massive chunk of global GDP will evaporate into thin air.

So what next?

I’m heading to Tops to stock up on all my UK -US -NZD and AUS import items before they run out or get marked up 100 %. And then hoping the wise among the G-7 leaders decide to close this mess down for a while as the market is in bad need of a long time out.

International markets analysis and insights from Stephen Innes, Asia Pacific Market Strategist at AxiCorp