The JP Morgan report should have laid out a very clear picture for everyone that lockdowns simply are a bad tool, may make even the health toll of an epidemic worse. Here are a couple of charts from that report. The first shows cases in different countries. Interesting to see the varying patterns. Remember that testing variation has a lot to do with this. But if you think about the level of attempts to suppress the virus in each of these countries you would see great variation there as well, with no consistent association with cases. Brazil is interesting because they weren’t too tough and may be done now. India was tough, but also may be done. Hard to know with the geographic factors that seem to affect spread enormously. The second chart shows mortality and again, if you look at lockdown strategy, if any association is there, it is for more mortality with stricter lockdowns. But I would again urge caution in inferring causation in either direction.