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The Covid-19 pandemic will get worse before it gets better. Economists continue to be playing catch-up with a crisis developing much faster than their models can handle. Again, I choose to listen to the scientists at this time.

And scientific opinion seems to suggest the current pandemic crisis will continue longer than most believe.

Defensive measures are, and have been, in place for some time now; lets look forward a bit.

In my opinion, recession is now a certainty. As long suggested, defensive measures would be taken in the case of credible and imminent threat of recession. I have followed-through on this pledge.

Coronavirus driven volatility is at an extreme. While recession is not a certainty, it is both a credible and imminent threat.

What we have done, and what we foresee in the days, weeks and months ahead.

Community spread of the coronavirus outside of China has prompted a warning from the CDC. A special investment panel hosted internally by RBC suggests the economic impact of the coronavirus may be underappreciated.

The Vice Chairman of the Federal Reserve describes the U.S. economy as " a good picture". Meanwhile, the coronavirus appears to be taking hold outside of China's borders. Prudence has me taking a neutral stance.

As always, the number one "bogey" we are trying to avoid is recession. Absent a material worsening of the coronavirus outbreak, we don't see recession as our base case for 2020. Portfolios are positioned accordingly.