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Investors can be forgiven for dipping into their antacid supplies this year as the market has had the worst start to a year in the exchange’s long history. Some $1.7 trillion of market value was wiped out through Wednesday in the domestic stock markets. Globally, equity values have dropped by some $3.2 trillion. The main triggers for the decline continue to be slowing growth in China as well as the continuing collapse in energy and commodity prices. This is impacting companies’ earnings significantly as the market is currently going through a “profit recession” with Q4 earnings expected to show the third quarterly year-over-year decline in earnings within the S&P 500 in a row.

However, on the bright side, the economy looks like it will continue to muddle through the year with the same approximate two percent GDP growth that has been the hallmark of this long but weak post-war recovery. The high yield debt markets have also come under pressure due to about $270 billion in “junk” bonds outstanding to a crumbling E&P sector.

At a time like now, it is important to remember that although $270 billion sounds like a large number, it is only 15% to 20% of the overall high yield domestic credit market. Most of that paper is held by private equity, hedge funds, and smaller banks. Major banks have little exposure to this sector compared to their overall loan portfolio. More importantly, it pales in size compared to the mortgage market which triggered the financial crisis in 2008/2009.

In addition, the collapse in oil is starting to get noticed over at the Federal Reserve. On Thursday morning, St. Louis Federal Reserve president Bullard stated the drop in oil has implications for inflation expectations. Bullard, who is a voting member of the Federal Reserve committee this year, seems to be signaling that a more dovish Federal Reserve policy is probably on the way. If the central bank backs off its previous view that they will have four quarter-point interest rate hikes in 2016, which no one believes anyway, it could be a big positive for market sentiment.