It was another great month for stocks, credit, and gold as markets keep betting on coordinated fiscal and monetary policy to remedy the massive distortions inflicted by the Great Lockdown. An inability to contain viral resurgence in the US will impede growth and short-circuit global recovery. As policies evolve, material differences exist in exposures to debt and deficits across regions, countries, and companies. With near-zero nominal rates, we’re following the path of real yields to gauge the broad efficacy of policies.