“Federal Open Market Committee voted unanimously to lower the target range for the federal funds rate by 50 basis points, to 1.00- 1.25%, cited the evolving risks to economic activity posed by COVID-19.” Several months ago, we published an article indicating volatility is back due the behavior of various market vigilantes and HFT. At the time we were also convinced that there is a strong possibility that domestic rates will continue to fall given a global manufacturing sector that is under intense pressure, historically low/negative interest rates around the globe, and slowing global growth. The United States abrupt attempt to utilize monetary initiatives support the case that the direction of interest rates in the short term are lower. Buckle up and stay disciplined because interest rates can continue to fall and now there is a stronger possibility that the negative yielding debt phenomenon will now spread to domestic markets. Several quarters ago we made the decision to rotate into asset classes that perform well in a lower interest rate environment. With the short term risk-profiles of investors changing due to the exacerbation of COVID-19, disruptions in the global supply chain, uncertainty regarding democratic nominees, and a growing shift in investor behavior, are all supportive of the notion that we will be experiencing some turbulence in the near future. Staying disciplined and following a principle guided strategy can help direct you in these murky unchartered waters.