Senior editor Ash Bennington and managing editor Ed Harrison explore the perilous state of the global markets amid the unrelenting spread of coronavirus. They discuss the disturbing “second wave” of coronavirus in the U.S. – in states like Florida, Texas, and Arizona – as well as around the world and evaluate how the continued spread will impact economic growth and financial returns across different asset classes. Ed hazards whether the U.S. yield curve will see bear-steepening (or bull flattening), and Ash puts the widening “breadth” of the U.S. rally in proper context. In the intro, Jack Farley explores why CLO managers are often rendered incapable just at the time that bold action is most required.