The $2.2 trillion stimulus is the biggest ever, but the U.S. Congress may be forced to do even more.

Liquidity could remain challenged, but valuations may be attractive for long-term investors.

Canada’s economy may be at greater risk for lasting damage, but we believe Ottawa is well-positioned to respond.

The conditions for a relatively quick and robust rebound rest on the success in containing the virus within a reasonable horizon, and a well-calibrated economic policy response.

The Fed’s aggressive support may help keep markets functioning, hasten recovery and avoid longer-term damage.