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The bank is poised to become the world's largest provider of supply chain finance, at a time when this liquidity option will be a lifeline to many small and midsize businesses.

Lenders are suddenly raising prices and placing anti–cash-hoarding stipulations, interest-rate floors, and mandatory prepayment clauses into new loans, even with investment-grade borrowers.

"There's not going to be any desire on the Republican side to bail out state pensions by borrowing money," he said.

The Wharton professor also weighed in on the price of oil tumbling below zero.

Amazon, Facebook, HPE, IBM, Microsoft, and Sandia Labs sign onto the Open Covid Pledge. Meanwhile, pledge organizers have unveiled a new, streamlined version of their license template.

The decline was linked to the May futures contract, which expires tomorrow, forcing sellers to find buyers.