Disclaimer: Thoroughly unqualified to answer this question That said, no one knows what's going to happen so allow me to toss in my speculations Bearish: 1),

Disclaimer: Thoroughly unqualified to answer this question That said, no one knows what's going to happen so allow me to toss in my speculations Bearish: 1), 2) It'll be worse than 2008 because a lot of people cannot work, and we run a consumption-based economy. People spend less during economic uncertainty (falling rates is an attempt to minimize this effect). 3) Cascading effects could be very bad (think 2+ months out). Everything was green and good and many businesses took on cheap debt to finance operations. When people aren't buying your products/services businesses will resort to layoff to minimize costs and when that doesn't magically go away because we're still quarantined and spending less, they'll have to slowly liquidate assets or default on their loans. We've already seen a few corporate bonds downgraded and there will be more to come. Retail, Food, and Hospitality are going to have a very bad time lenders overexposed to those sectors will likely need a bailout and some consolidation. 4) Governments will keep printing money and will pass bills to provide hobbled safety nets for people all over the world. Many people will fight systems that attempt to provide financial safety nets the reduce the incentive to work so we'll end up with some crappy versions and a lot of QE. Federal reserves will buy some more corporate bonds because banks will be reluctant to touch them for a while. Long term effect of that is anyone's guess but expect some currency wonkiness 5) 2nd wave of this virus hits us shortly after we declare "everything is fine" and people freak out again Bullish: We get very lucky and 1) Find a cure soon, and/or 2) It dies out after some herd immunity similar to SARS