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Quote of the Day
"These may be unprecedented times, but they are not really out of the ordinary. Uncertainty always rules, and no one ever knows the future."
(Barry Ritholtz)
Chart of the Day

“The current employment recession is by far the worst recession since WWII in percentage terms, and the worst in terms of the unemployment rate.”
Rates
- The US Treasury yield curve has been steepening since early March. (thereformedbroker.com)
- Spreads on emerging market bonds have doubled in the crisis. (wsj.com)
- The pullback in high yield spreads mirrors the stock market comeback. (compoundadvisors.com)
Strategy
- No one saw what happened this year in the stock market coming. (blairbellecurve.com)
- Trader sentiment on StockTwits is crazy bullish. (howardlindzon.com)
- What to do when the market is doing the opposite of everything you think. (blog.validea.com)
Companies
- Slack ($WORK) partners with Amazon ($AMZN) to take on Microsoft ($MSFT) Teams. (theverge.com)
- Even solvent companies are pushing back against commercial landlords for rental relief. (nytimes.com)
- Big companies are taking on more medical responsibilities in the age of the novel coronavirus. (protocol.com)
- Gyms are reopening but nobody is showing up. (media.thinknum.com)
Banks
- US banks raked in nearly $2 trillion in new assets in Q1. (axios.com)
- A former Bank of NY Mellon ($BK) trader has received a $50 million whistleblower award. (wsj.com)
Housing
- The pandemic is prompting home buyers on the sideline to jump into the market. (housingwire.com)
- Now is a great time to lock in deals on luxury, urban apartments. (wsj.com)
Funds
- Why investors should approach structured notes with caution and skepticism. (morningstar.com)
- Managed futures trend followers are having a hard time keeping up in 2020. (bloomberg.com)
Data
- Lawrence Yeo, "Spreadsheets and data don’t galvanize people." (moretothat.com)
- Average is not the same as typical. (seths.blog)
- It's hard to know what has changed without baseline data. (thewaiterspad.com)
Global
- Canada's labor market strengthened in May as well. (bnnbloomberg.ca)
- Is the UK coming out of lockdown prematurely? (ft.com)
Economy
- Bill McBride, "The headline monthly jobs number was surprising, and well above expectations. However, the previous two months were revised down significantly." (calculatedriskblog.com)
- More than half of May's jobs gains came from restaurants and bars. (nytimes.com)
- Why calculating the real unemployment at present is difficult. (axios.com)
- The jobs report is not the only to surprise to the upside. (sentimentrader.com)
- The personal savings rate soared in April. (axios.com)
Earlier on Abnormal Returns
- Podcast links: escaping the record companies. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: huge ideas. (abnormalreturns.com)
- June ESG links: a single global standard. (abnormalreturns.com)
Mixed media
- Why black men are reluctant to wear face masks despite the coronavirus. (statnews.com)
- The police look like a military force because the Pentagon ships them used gear. (wired.com)
- Nonlethal weapons, like tear gas and rubber bullets, is a misnomer. (wired.com)
- Everything you need to know about 'rubber bullets.' (fortune.com)
- What is tear gas, exactly? (theconversation.com)