Just moments after equities closed near the highs on Friday after yet another retail-driven rush into the stock market, the Federal Reserve poured cold water over all the bulls when the central bank unexpectedly issued a stark warning that stock and other asset prices could suffer “significant declines” should the coronavirus pandemic deepen – which we hope is not a shock to anyone – while highlighting that commercial real estate, which as we showed just yesterday just won’t stop collapsing, will be the hardest-hit industries. Read More.