The markets are an incredible aggregator of information. The corona crisis has denied grist to the mill. With so many unknowns, it is as if investors latched on to the US fiscal debate. A camel, it is said, is a horse made in committee, and so too with the laborious legislative process of the American republic. When everything is said and done, more is often said than done. However, this time is different. Leaving aside the response to the public health emergency, G-10 governments and central banks have responded relatively quickly and boldly. The 2008-2009 playbook was a starting point, but new features have ... (full story)