Central bankers and fiscal authorities are spraying the world, not with disinfectant, but with money. That is all good news as it limits the downside risks to the global economy. We alas fear that insofar market participants think that fiscal or monetary moves will fix the situation, they may be wrong-footed within months or even weeks from now. All the announced packages from central banks and the authorities are designed to keep everyone and their mother afloat while we are closed, but these packages cannot and will not stimulate demand, since we are in a lockdown. {image} The market has generally been focusing on ... (full story)