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As the reality of the COVID situation in March set in, the markets took a steep nosedive.

It didn’t halt until the Fed held an extraordinary meeting to announce unprecedented measures to help the economy. Many argue that it’s thanks to the Fed that the market crisis wasn’t worse.

But, now the Fed is in an open-ended asset purchasing program that has led to a never-before-seen expansion in the balance sheet. Not even in the worst part of the Great Financial Crisis did anyone expect the Fed to feel the need to take such drastic action.

And it’s not a tenable position for the Fed. Their current policy can’t continue forever, and now the debate is just when the changes will be made.

What To Do?

Equity markets have recovered healthily in the last couple of months.

Now, we’ve started getting encouraging economic data as retailers reopen. Evidently we are not out of the woods, yet. And the data for June is largely going to be a determinant of whether we can...

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