Though the coronavirus outbreak figures reported out of Europe yesterday were probably more mixed than health officials would have liked, there was, apparently, enough to keep the resurgence of optimism that has fueled market gains in recent days alive. While China blithely prepares to unleash its second wave on itself and the world in what seems like an almost deliberate act, the Washington Post reported overnight that the main epidemiological model being followed by the federal government has just revised down the need for ventilators, beds and other equipment as the world seems to have convinced itself that a lull is underway.
Across the US, chatter on social media about the need to get at least some of the shut-down economy back online has intensified in recent days, as political commentary as inspired heated discussions as opponents accuse Republicans and many regular Americans of callously placing the economy and their own self-interest above protecting society’s most vulnerable. Meanwhile, the global case total has surpassed 1.4 million, with 83k+ deaths.
But as JPM projected, and as was the case during SARS and other prior pandemics, even if the novel coronavirus does begin to recede heading into the summer, remember: this is only part one.