Inflation-adjusted interest rates in the US have been negative before, but the dip below zero this time is different vs. recent decades: the slide is accompanied by a global economic collapse that may or may not be temporary.

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Chinese and US trade reps expected to speak as soon as next week: BBG
Influential business cycle analyst: US recession will be over by Dec: MW
Surge in US jobless claims may peak this month: WSJ
Bank of England: UK economy will contract 30% in first half of 2020: FT
Industrial production in Germany and France fell dramatically in March: BBG
China’s services PMI signals “steep decline” for sector in Q2: IHS Markit
Small businesses are finding that converting loans to grants is complicated: NYT
US companies shed a stunning 20 million-plus jobs in April: ADP
PMI survey data suggests global economy declined 4% in April: IHS Markit