Big Incoming Coordinated Central Bank Action

Last week’s financial market turmoil, which saw most global equity indices fall into correction territory (i.e. losses of larger than 10%), was a kick up the backside for global central banks.

Despite shockingly bad Chinese PMI data on Saturday, which many had thought would lead to a big hit for markets when trade reopened on Monday, Global equities recovered off lows this morning.

This is largely because markets have been upping their expectations for some sort of co-ordinated global monetary response to counter the impacts of the global coronavirus outbreak (which is a positive for risk assets such as stocks).

Talk of a co-ordinated monetary response kicked off with unscheduled remarks from Fed Chair Jerome Powell last Friday; as a reminder, he pretty much gave the signal that the Fed is willing to act in order to counter any Covid-19 linked economic weakness in the US economy.

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