Much of the global economy ground to a halt as governments shut down commerce and social interaction to slow the spread of COVID-19. Supply chains were severely disrupted, unemployment soared, and consumer confidence plunged. Moreover, oil prices collapsed as Saudi Arabia and Russia engaged in a price war. In response, a new era of coordinated monetary and fiscal stimulus, led by the Federal Reserve, was launched. Nonetheless, uncertainty regarding health and economic policies pummeled stocks and drove yields to new lows.