In the face of the most serious global health crisis in more than a century, fiscal and monetary policymakers around the world will very likely have to pull out all the stops in an effort to prevent what currently looks like an inevitable recession from turning into a depression, and to stop financial markets from shifting from a drawdown into a meltdown.
The (relatively) good news is that governments and central banks are on the case and have started to respond more forcefully to coronavirus-related stresses this past week. Importantly, seeking to underpin markets and