Having seen central banks and politicians begin to address the issue - and fail so far, Minerd warns in his latest note to clients that "shock and awe has fallen short..."

Where are we now?

The Federal Reserve's (Fed) attempt to go for shock and awe seems to have been made with the idea that doing something unusual on Sunday night, after the market closed out strong on Friday, would be good for confidence.

Of course, the market didn't take it that way.

Instead of inspiring confidence, the market seemingly responded as if the Fed knows something we don't know and it's actually worse than we think.

Monetary policy is not designed to deal with pandemics. Monetary policy is designed to provide adequate liquidity to the financial markets to keep them functioning, and I think the Fed is doing a pretty good job at this.