Still one of my favorite TV shows, ABC’s Whose Line Is It Anyway? host Drew Carey would introduce each show with some variation of the following: “Good evening, and welcome to Whose Line Is It Anyway? The show where everything is made up and the points don't matter! That's right, the points are just like the nutritional facts on a Happy Meal.”

Each show had a different introduction, typically with Carey throwing insults or shade at his fellow cast members, such as: “That's right the points are just like tasteful shoes to Ryan Stiles.” There’s actually an entire thread on Reddit listing all of Carey’s one-liners. And just like Whose Line, you could also say the Dow Jones Industrial Average (commonly referred to as “the Dow”) is another place where the points don’t really matter.

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China reported an uptick in new cases of coronavirus known as “Wuhan flu,” “Wuhan coronavirus,” or nCoV on Friday, although the pace of increase was at its slowest since January, a downward trend that the World Health Organization (WHO) called encouraging. Although the WHO is working with Chinese officials and governments worldwide to contain nCoV, infections have been reported in 25 other countries. The epidemic is set to be discussed at a meeting of finance leaders from the Group of 20 major economies this weekend in Riyadh according to Reuters.

Recently, Natixis Investment Mangers published a market outlook entitled “Coronavirus and Global Markets: What Investors Should Know” which we thought would be of interest. A summary of the conclusions is provided below:

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As far as big risk takers go, Harry Houdini is on the short list of the world’s most daring. The Hungarian-born escape artist is well known for his tremendous stunts and feats of endurance all throughout the early 1900s. Widely considered to be Houdini's greatest trick, was the Belly of the Whale escape in 1911.

While performing in Boston, Houdini was challenged to escape from the belly of a whale by local businessmen. After 15 minutes of being shackled and sewn up in a beached whale carcass, Houdini emerged with a grin on his face. Unbeknownst to the spectators, Houdini nearly died from the arsenic fumes produced by the chemical that embalmed the whale carcass. It would probably surprise you to learn that Houdini's death was the result of an unexpected gut punch.

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A perspective from year-end 2018:

“As widely expected … the Federal Open Market Committee (FOMC) voted unanimously to increase its federal funds rate target by 25 bps, bringing it to 2.25%–2.50%. … the year-end read of fed funds futures prices indicated a nearly 90% probability of no Fed hikes in 2019. … the FOMC also reduced its projections for 2019 rate hikes from three to two.”

Those projections proved to be dramatically inaccurate. Indeed, the FOMC cut rates three times in 2019, bringing the target rate to 1.50%–1.75%. At year-end 2019, fed funds futures prices indicated a less than 50% probability of any Fed action in 2020, and the most recent “dot plot,” which illustrates projections of FOMC members, implied no rate cuts in 2020 and only one in 2021.

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