The underlying market hope is clear: central banks will save us, not just from the business cycle, and not just from climate change, but now from global pandemic too. The same people who can’t generate 2% y/y CPI sustainably will ensure we all stay at 36.5 – 37.5 degrees centigrade body temperature range. As Bloomberg helpfully summarises today, “Coronavirus Won’t Restrain Global Stocks For Long”. This is because, as the detail and irony of the article become clear, “It’s a bullish sign for global stocks that facts have taken a back seat in much of the market ‘analysis’ of how to react to the coronavirus.”
