The recent moves in the markets have been astonishing, both the collapse and the subsequent recovery. The accelerated pace of this cycle has caused this to be a very challenging period to be managing money. The economy has taken an enormous hit, yet we are pleasantly surprised to find the S&P 500 nudging back into positive territory for the year. Markets have recouped their losses due to aggressive monetary and fiscal responses and the gradual emergence of the main global economies from their shutdowns. However, a myriad of uncertainties and risks remain.

The economic numbers have been derailed so badly that it is impossible to make sense of them. For instance, the improvement in the US jobs report on Friday was much better than economists had been expecting. The BLS, which generates the report, acknowledges difficulties in collecting data during the crisis. Nevertheless, the markets leapt on the announcement which underlines what we already knew; the US is reopening its economy.