This story was originally published here.
Every surfer knows giant waves come in sets. Generally, sets of three. That means if you miss the ﬁrst two waves, turn and head out to sea. The giant third wave is coming.
The same happens in the financial world. The biggest waves come in threes.
In March of this year, we experienced three major financial waves: coronavirus, repo-market, and the biggest stock market crash in history — including The Great Depression.
Unlike surfing where the waves come one after the other, in March, all the waves came crashing at one time.
The coronavirus crisis caused the Federal Reserve to step up its involvement in the repo market in March. The repo market is complicated, but it’s basically where financial firms trade trillions of dollars worth of debt for cash overnight.
Most people don’t know but in September 2019, the repo market got caught with its pants down when short-term interest rates surged above the Fed’s target range. When the coronavirus pandemic hit, it led the Fed to step in again with $1.5 trillion in a series of short-term loans. At the same time, the Dow Jones crashed over 37% between February 12th and March 23rd.
So there you have it. Three perfect waves that turned the economy on its head…
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