from Zero Hedge
Via Nomura’s Global Markets Research Team,
There’s more road left for central banks, but there’s no denying it will be bumpy…
For most of the past decade following the global financial (and European sovereign debt) crisis, developed market central banks had been optimistic that economic conditions would, by this stage, have permitted them to move their policy levers closer to “normal”. Their monetary toolkits – having been reset – could then effectively deal with the next recession. Yet the next global crisis, in the form of COVID-19, has already arrived, and the deep contraction in output, incomes and spending it brings with it is are now at hand.