QOTD - Pandemic Economic Policy

Beautiful summer weather and sheer boredom (not to mention economic necessity) drive the current round of relaxations regarding pandemic-related mobility restrictions, particularly in the United States and Europe.

U.S. Treasury Secretary Mnuchin yesterday on CNBC generated headlines by repeating the gist of his Wednesday testimony to the Senate regarding the likely need for yet more fiscal support from the federal government to offset COVID-19 economic stress, at least for firms most adversely impacted (e.g., travel, tourism, restaurants, gyms and spas).

This is not mere political theater. Increasingly, central bankers are all converging on a consensus position. The position will not surprise our PolicyScope Risk Monitor subscribers or our blog readers. Throughout this week, central bankers have said roughly the same thing:

Their message is clear: even if the pandemic were miraculously to disappear tomorrow, the adverse economic consequences and more rounds of economic distress are unavoidable during the second half of 2020.


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