Large sectors of the global economy, such as tourism and transportation, came to an abrupt stop. As concerns about the virus and measures to contain it spread, these effects grew. At the same time, certain critical financial markets seized up or ceased to function effectively. Short-term liquidity markets were strained as investors “dashed for cash,” focusing on their own liquidity.
The commercial paper market, where companies raise cash by issuing short-term debt, seized up to an extent similar to the fall of 2008. And as in the financial crisis, investors in certain prime and tax-exempt money market funds with immediate cash needs submitted redemption 4/6  BIS central bankers' speeches  requests that resulted in significant outflows from these funds.