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Central banks' pandemic battle could stretch into an infinity war
Big central banks are buying from an expanding menu of government bonds, corporate debt and consumer loans to help businesses and households through the coronavirus pandemic — and no one knows whether they can stop. The best-case scenario sees infection rates slow, commerce resume and people return to work this year. In the extreme case that a recurring virus requires further damaging lockdowns, the U.S. Federal Reserve and its peers float the whole boat — government debt, corporate debt, perhaps even financing for mortgages and paychecks. The social, political and economic implications of taking economies ... (full story)