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The Fed expanded its pandemic lending to $2.3 trillion, adding programs for small and midsized businesses and state and local governments. It also added purchases of junk bond ETFs, which sent stocks up, the dollar down and gold higher.
A broad liquidity expansion that weakens the dollar tends to lift dollar-priced commodities and supports demand from stabilized credit markets. The scale of the program makes it a meaningful macro driver.
cnbc.comPatti DommApr 9, 2020After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
