The data is ugly, but this is expected and is not moving financial markets.

As everyone knew, the data being released for March is shocking. Retail sales, housing starts, and industrial production all were down record monthly amounts. Shutting down the economy not only leads to a huge increase in unemployment but also causes output and consumption to collapse. This data does not mean anything to the longer-term outlook for the U.S. economy. What does matter is how the economy is opened and when it will begin. We did get some indication of this process last week with the phased process being recommended.

 

PROBANK AUSTIN ADVISOR - APRIL 20, 2020