The policy response has been forceful thus far, with around $2.8 trillion of stimulus on the fiscal front and a $2.4 trillion expansion of the Federal Reserve’s balance sheet. The breadth of measures taken by global central banks to maintain liquidity and flow of credit is also substantial, far exceeding initiatives taken during the 2008-2009 global financial crisis. Note that the four largest central bank balance sheets will surge to nearly 17% of GDP by year end—three times larger than the 6%-of-GDP level in the first year of financial crisis. This rapid acceleration in money supply creates a sort of liquidity boom, with money growth far exceeding GDP growth. This shot of liquidity helps backstop investor confidence and inflate financial asset prices. Bond markets have been a larger beneficiary of this backstop and liquidity, as credit spreads narrow, bond prices rise, and issuance of new debt occurs at record levels. And because equities are currently the highest yielding liquid asset, acceleration in liquidity provides for additional lift to equity multiples, as well.