Visual aid used to communicate expectations of the pandemic’s effect on markets and growth
Alphabet soup has been on the menu in this historic year. Central banks fired volleys of acronym-laden financial assistance at the collapse in economic activity when lockdowns kicked in, from Europe’s PEPP to the Bank of England’s TFSME and the US’s dizzying mix of Ls, Fs, Pc, Cs and Ms. (Only purists know their MMLF from their MSLP.)
Markets proved powerless to resist this relentless barrage of letters and, despite an economic crisis unmatched in modern peace time, embarked on a V-shaped recovery.
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