Jurrien Timmer, Fidelity’s Director of Global Macro, believes that while we are in a technical recession, we are not in a full-fledged business cycle downturn. Jurrien connects with us remotely from home, and notes there is likely more volatility ahead, until COVID-19 infections peak in North America. Jurrien explains that the indiscriminate selling we’re currently seeing is more typical of the end of a bear cycle than the beginning of one, and compares this to the 1987 crash, when panicked selling caused the market to fall to unprecedented levels in one day, a decline we’ve nearly managed to duplicate in a matter of weeks.

Recorded on March 30, 2020.