The Covid-19 pandemic has made lockdowns, quarantines and “social distancing” the norm in much of the world.  Violent moves in the market have become commonplace, a natural response to uncertainty about the spread of the virus and resultant impact on economic growth. Although Covid-19 is far less lethal than SARs, MERs and Ebola, the novel coronavirus spreads remarkably easily and can be spread by individuals who don’t appear to be sick. As of March 18th, there were more than 200,000 confirmed cases of Covid-19, with more than 8,000 deaths.  China represents more than 80,000 of the reported cases, but the outbreak has spread rapidly around the world.  According to the World Health Organization, Europe is now the epicenter of the outbreak with more reported cases and deaths than the rest of the world combined apart from China. The pandemic creates a supply shock, disrupting the availability of goods; demand for goods and services also is changing in response to the pandemic.   Notably, economic activity that requires social interaction and/or travel is disappearing and is unlikely to resume until the outbreak is contained.