Fighting the wrong fight

Even in times of great uncertainty, obvious things still happen. Shuttering much of the global economy crushed demand. That was no surprise. And no activity means that many of the core products that grease the wheels of global commerce also suffered from an evaporation of demand. One of the more notable victims of this collapse has been the oil price. But the dynamics weighing on crude apply more broadly, something asset prices seem reluctant to admit.

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