Also, when people invest in a mutual fund, the fund has no choice but to buy at whatever price the market is at. So when you constrict consumption through curfews, the savings end up in the market, instead of in the economy, and it doesn't drop as much as it should.

This is happening where I live, even though borrowing is not cheap here. Funds buying into a ridiculously overpriced market, which has long since overshot it's theoretical worth (as valued by discounted cash flow method, let's say).

Also, when people invest in a mutual fund, the fund has no choice but to buy at whatever price the market is at. So when you constrict consumption through curfews, the savings end up in the market, instead of in the economy, and it doesn't drop as much as it should.

This is happening where I live, even though borrowing is not cheap. Funds buying into a ridiculously overpriced market, which has long since overshot it's theoretical worth (as valued by discounted cash flow method, let's say).