Citigroup: 1. Easy money/ loose monetary conditions helps to suppress equity market volatility and reduce the ‘fatter’ left tail in the return distribution

2. positive economic surprises increase confidence that 2021 EPS can bounce materially

3. We want to buy this equity ‘dip’

4. The search for yield could return as

a driver of spreads in early H2’20. Credit is still the place to be with both the Fed and

foreigners welcome.

5. we tactically close our US HY underweight. We remain overweight EUR and USD IG. We raise EM credit to buy

6. As CB liquidity prevails, we tactically increase our gold exposure as $ real yields make new lows.