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Is It Enough? Tracking Major Economies’ Stimulus Measures

April 16, 2020, 4:25 PM

The coronavirus is plunging the world economy into recession, forcing central banks and governments to race to the rescue.

Stimulus plans totaling trillions of dollars across major economies have been crafted to prop up businesses forced into lockdown and support the swelling ranks of unemployed workers.

As for monetary policy makers, they have slashed interest rates to record lows and restarted or launched massive asset purchases, aiming to support growth and head off a financial crisis.

Bloomberg Economics is keeping track of the major moves across the G-7 and major emerging markets. This note will be updated as more measures are announced. Click on the links to view original policy announcements, and coverage by our reporters and economists.

U.S.

Monetary measures

  • Federal Reserve has cut interest rates 150 basis points to 0-0.25%.
  • Asset purchasing programme restarted, with no limit on potential purchases.
  • $2.3 trillion of credit through new programs, backed by $215 billion of Treasury funds:
    • Provide liquidity through Primary Market Corporate Credit Facility for new debt and the Secondary Market Corporate Credit Facility (SMCCF) for outstanding debt:
    • $750 billion of loans available.
    • Allows purchases of securities recently downgraded from high-grade status.
    • Establish Term Asset-Backed Securities Loan Facility (TALF), to support corporate bond market:
    • $100 billion of loans available.
    • Eligible collateral includes the triple-A rated tranches of both outstanding CMBS and newly issued CDO.
    • Expand Money Market Mutual Fund Liquidity Facility (MMLF) to include a wider range of securities, including municipal variable rate demand notes (VRDNs) and bank certificates of deposit.
    • Commercial Paper Funding Facility:
    • Fed program to alleviate short-term funding strains in the corporate sector through purchases of unsecured and asset-backed commercial paper directly from companies.
    • Primary dealer credit facility:
    • Extension of credit to primary dealers in order to support broader market and systemic stability.
  • Main Street Lending Program to support lending to eligible small-and-medium sized businesses
    • $600 billion of loans available.
    • Four-year loans to companies employing as many as 10,000 workers, or with revenues of less than $2.5 billion.
    • Principal and interest payments will be deferred for one year.
  • Paycheck Protection Program Lending Facility:
    • Supply liquidity to financial institutions through term financing taking small business loans as collateral.
    • Aimed at ensuring businesses keep their workers on the payroll.
  • Municipal Liquidity Facility
    • $500 billion of loans available.
    • Purchases of short-term notes directly from U.S. states and eligible counties and cities.
  • Increased dollar swap lines with other central banks to daily from weekly:
    • Established new lines with Australia, Brazil, Denmark, South Korea, Mexico, Norway, New Zealand, Singapore and Sweden.
  • For all Fed response programs, click here.
  • Bloomberg Economics’ assessment: the Fed has acted swiftly and aggressively to ensure that core capital markets continue functioning smoothly, preventing a liquidity crisis from turning into a solvency crisis. Early indications suggest they are achieving their objectives. Importantly, the policies are more geared toward market stability than economic stimulus.

Fiscal measures

  • $2 trillion stimulus - equal to about 10% of GDP:
    • $300 billion direct payments to lower- and middle-income Americans -- $1,200 for each adult, as well as $500 for each child;
    • $250 billion of augmented unemployment insurance;
    • $454 billion to backstop Federal Reserve programs or facilities that loan to businesses, states, or municipalities;
    • $350 billion small business loan/grant program;
    • $150 billion aid to states;
    • $120 billion for hospitals and veterans’ healthcare;
    • $60 billion support for airlines and cargo carriers;
    • $25 billion support for public transit.
  • $7.8 billion for state and local governments fighting the virus:
    • $500 million waiver on Medicare tele-health program.
  • Paid sick leave and food assistance for vulnerable populations.
  • Bloomberg Economics’ assessment: the size of the stimulus appears appropriate to the magnitude of the economic shock. The critical test will be the speed of delivery -- if rebate checks are slow to arrive or small and medium sized businesses struggle to get access to funds, then costs will continue to mount.

U.S. High Frequency Data Dashboard

Euro Area - Germany, France, Italy

Monetary measures:

  • ECB is offering unlimited liquidity at the deposit rate of -0.5% through additional longer-term refinancing operations (LTROs).
  • Interest rate on targeted long-term refinancing operations (TLTROs) to banks cut by 25 basis points and conditions relaxed.
    • Amount banks are entitled to borrow raised from 30% to 50% of the stock of eligible loans.
  • Bond purchases under existing asset purchase program increased by 120 billion euros by end-year:
    • Purchases skewed toward private sector assets;
    • Short-term corporate debt added to the list of eligible bonds.
  • Pandemic Emergency Purchase Program to buy 750 billion euros of bonds, increasing stock of asset purchases by about a quarter:
    • Greek bonds eligible for purchases;
    • ECB has flexibility to buy when and what it wants.
  • Bloomberg Economics’ assessment: the ECB has dealt with a spike in peripheral yields in a smart way. While deployment of PEPP has been modest, its existence alone has materially narrowed spreads. Extremely cheap long-term funding will provide direct support to the economy. We do not expect major additional monetary stimulus in the near term.

Fiscal Measures

EU

  • EU finance ministers have outlined a 540 billion-euro package to support the region’s economy:
    • It includes a 100 billion euro -- around 0.7% of GDP -- employment reinsurance program called SURE. SURE will facilitate more generous wage support for furloughed workers and the self-employed in some countries and help others with existing schemes by creating room to spend on other priorities;
    • The European Investment Bank will also offer liquidity of 200 billion euros to small- and medium-sized companies, alleviating cash flow issues in some countries where support is limited;
    • The third part of the package is 240 billion euros of credit lines to sovereigns from the European Stability Mechanism -- the EU’s bailout fun.

Germany

  • Fiscal stimulus of 156 billion euros, equal to around 4.5% of GDP:
    • Support spread across lower tax receipts, wages, aid for small businesses and social spending;
  • An economic stabilization fund of 600 billion euros including 400 billion euros of state guarantees for businesses, 100 billion for equity investments and 100 billion to extend loans from the state development bank. There’s also an increase in the development bank’s existing lending capacity.
  • Bloomberg Economics’ assessment: fiscal commitments are in the right ball park for plugging the income gap created by the virus shock and to mitigate the main risks to demand once the pandemic has passed.

France

  • Fiscal stimulus package with around 110 billion euros of additional spending and tax deferrals, equal to around 4.5% of GDP:
    • Supporting employment levels and incomes, in particular through programs targeting furloughed workers , as well as the self-employed;
    • Helping businesses by delaying tax payments in March and April, worth 32 billion euros a month. Some of these payments might ultimately be canceled.
  • Guarantees to support 300 billion euros of lending to businesses, about 12% of GDP.
  • Bloomberg Economics’ assessment: the size of the package is adequate to plug income gaps in 1H but tax deferrals account for more than half of the total. This won’t be enough, additional income support will be needed.

Italy

  • Fiscal stimulus package with around 15 to 20 billion euros in fresh spending, equal to about 1% of GDP:
    • Additional funding for health and policing; preserving employment levels and incomes;
    • Suspending tax payments and creating new tax incentives.
  • 350 billion euros of loans, targeted at SMEs, backed by 5 billion euros of government funds.
  • Bloomberg Economics’ assessment: the current fiscal package is short of what will be needed to plug Italy’s income gap.

Japan

Monetary Measures

  • Bank of Japan doubled pace of ETF and REIT asset purchases:
    • ETFs annual purchase target raised to 12 trillion yen, up from 6 trillion yen;
    • REITs annual target raised to 180 billion yen, up from 90 billion;
    • 2 trillion yen in additional debt purchases, including commercial paper and corporate bonds.
  • Financial support for corporates:
    • Established Special Funds-Supplying Operations to provide interest free, one-year loans equal to the amount of corporate debt pledged as collateral.
  • Expanded dollar swap lines with Fed and increased frequency from weekly to daily.
  • Bloomberg Economics’ assessment: with limited policy space, the BOJ is taking steps to manage market volatility within it’s existing framework, including through additional asset purchases. In a risk scenario, the yen strengthening beyond 100 could push a deeper move into negative rates.

Fiscal measures

  • Japan’s government announced a 108.2 trillion yen stimulus package – equal to about 20% of GDP.
    • 6.3 trillion yen in paychecks for people and businesses hit hardest by the coronavirus, including 4 trillion in cash handouts for households and 2.3 trillion yen for small and medium-size firms.
    • Actual fiscal spending totals 27 trillion yen, drawn from already-budgeted funds and an extra budget of 16.8 trillion yen this fiscal year.
    • 26 trillion yen in assistance through deferrals on tax and social security payments.
  • 1.1 trillion yen aid package of low interest loans to businesses:
    • Loans of up to 300 million yen at below 1% annual interest rate;
    • 200 billion yen from The Development Bank of Japan for firms who want to relocate production back to Japan;
    • 250 billion yen from Japan Bank for International Cooperation for overseas firms.
  • 500 billion yen loans for SMEs targeting tourism.
  • Compensation for parents burdened by school closures.
  • Small loans for self-employed workers.
  • Bloomberg Economics’ assessment: the fiscal measures will only damp what is still likely to be a deep contraction in GDP due to the pandemic and containment efforts. The stimulus package could give a 1.1 percentage point boost to GDP growth.

U.K.

Monetary measures

  • Bank of England cut bank rate 65 basis points to 0.1%.
  • QE restarted, with 200 billion pounds of government and non-financial corporate bond purchases:
  • Re-introduced Term Funding Scheme, offering cheap funding to commercial banks with extra incentives to lend to SMEs.
  • Reduced countercyclical capital buffer for banks to 0%.
  • Weekly 7-day and 84-day dollar repo operations.
  • Increased frequency of dollar swap lines with Fed from weekly to daily.
  • Bloomberg Economics’ assessment: The BOE’s recent actions equate to about 225 bps of easing. We think that will be enough to counter the remaining demand weakness that’s likely to linger in 2H -- we expect the unemployment rate to peak at 6% later in the year. A sharper rise in the jobless rate or a further tightening in financial conditions will quickly put further policy action in play.

Fiscal measures

  • Discretionary fiscal stimulus excluding extra healthcare spending equates to around 3% of U.K. GDP.
  • 330 billion pounds in guaranteed loans to businesses:
    • Loans up to a maximum of 5 million pounds to small businesses;
    • Direct BOE loans to larger firms.
  • Cover 80% salaries of employees who would be made redundant, up to a maximum of 2,500 pounds a month.
  • 10 billion pounds of support for the self-employed.
  • 29 billion pounds in tax relief and cash grants to small businesses:
    • 25,000 pound cash grants to smallest retail and hospitality businesses;
    • All retail, hospitality and leisure companies receive one-year business rates holiday;
    • Grants of up to 10,000 pounds for small businesses.
  • Bloomberg Economics’ assessment: fiscal support is more than enough to cover the loss of income we forecast in 1H. The policy package should help stem the rise in unemployment, though it won’t stop it altogether. The difficulty in getting money to the right places means some lasting economic damage is inevitable.

U.K. High Frequency Data Dashboard

Canada

Monetary measures

  • Bank of Canada cut overnight rate by 150 bps to 0.25%.
  • Started large scale asset purchase program:
    • To buy at minimum C$5 billion per week of government securities until recovery is well underway, under the Government of Canada Bond Purchase Program.
    • Provincial Bond Purchase Program to buy up to C$50 billion of provincial bonds over the next twelve months, starting in early May. May be expanded if needed.
    • Corporate Bond Purchase Program to buy up to C$10 billion of investment grade (minimum BBB) over next twelve months, starting in early May. May be expanded if needed.
  • Increased amount of treasury bills acquired at government auctions to 40%, effective April 15. Previous limit was generally 25%.
  • Announced enhancement to term repo facility to permit funding for up to 24 months.
  • Expanded purchases of Canada Mortgage Bonds.
  • Instituted a Commercial Paper Purchase Program.
  • Purchased C$41 billion of Bankers’ Acceptances in the first three weekly operations.
  • Established Standing Term Liquidity Facility and eased collateral requirements.
  • Bloomberg Economics’ assessment: the policy rate is now at the effective lower bound, and the BoC is on track to add over C$200 billion to its balance sheet in 2020. Total expansion under current programs would amount to $250-$350 billion through the first half of 2021. Increasing purchase amounts, moving into lower grade corporate credits, or starting a funding-for-lending scheme could be implemented if conditions warrant.

Fiscal measures

  • Stimulus worth C$260 billion, around 11% of GDP.
  • C$105 billion in direct support including:
    • C$24 billion Canada Emergency Response Benefit (CERB) provides taxable benefit of C$2,000 per month for four months to workers negatively impacted by COVID-19. This replaces earlier Emergency Care and Emergency Support Benefits;
    • C$71 billion for 75% wage subsidy to eligible businesses experiencing 30% loss of revenues;
    • C$2 billion boost to Canada Child Benefit;
    • C$5.5 billion to low-income families with Goods and Services Tax (GST) credit.
  • C$85 billion in temporary tax deferrals for both households and businesses:
    • Deferred payment of any income tax amounts until September 2020;
    • Moratorium on Canada Student Loan payments;
    • GST/HST taxes and customs duty payments deferred to June 2020.
  • C$70 billion of credit and liquidity support:
    • Business Credit Availability Program will provide C$65 billion in emergency accounts, loan guarantees, and co-lending via Development Bank of Canada and Export Development Canada;
    • C$5 billion in increased lending capacity to the agricultural sector.
  • Plan to purchase up to C$150 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation, ensuring stable funding conditions for banks and lenders.
  • Capital requirements for the biggest banks have temporarily been lowered, freeing up C$300 billion in lending capacity
    • Banks also allowed to treat payment deferrals as performing loans in determining regulatory capital requirements
  • Bloomberg Economics’ assessment: a relatively small initial package has been significantly expanded. Importantly, many of these emergency measures can scale up or down depending on the scope and duration of virus containment efforts.

China

Monetary measures

  • People’s Bank of China cut 1-year medium-term lending facility rate 10 bps, taking it to 3.15%. Loan Prime Rate cut 10 bps to 4.05%.
  • Reserve requirement rate cut 50-100 bps for banks that meet criteria in extending loans to smaller firms, 100 bps cut for joint-stock banks.
  • Expansion of re-discounting and re-lending facilities by 1.8 trillion yuan to support producers of medical equipment, daily necessities and smaller firms.
  • Forbearance on loan repayment and tolerance of higher bad loan ratios for sectors impacted by the virus.
  • Bloomberg Economics’ assessment: monetary policy support so far has been moderate. We expect more to come, including 40 bps cuts in the Loan Prime Rate, and potentially more if the situation deteriorates.

Fiscal measures

  • Fiscal measures announced so far equal to around 3 trillion yuan, or 3% of GDP:
    • Accelerated payment of unemployment insurance;
    • Value-added tax rates for smaller businesses were lowered;
    • Local authorities allowed to sell special bonds to pay for infrastructure investment.
  • Bloomberg Economics’ assessment: ultimate size of fiscal stimulus expected to be larger, including wider central government deficit, more local government bond issuance, and quasi-fiscal stimulus channeled through state banks.

India

Monetary measures

  • The Reserve Bank of India has cut its policy repo rate by 75 bps to 4.4%.
  • The RBI also cut the reverse repo rate by 90 bps to 4%, encouraging commercial banks to loan out surplus funds.
  • The RBI injections of liquidity total 6.5 trillion rupees or 3.2% of GDP:
    • The cash reserve ratio was lowered by 100 bps to 3%, releasing 1.4 trillion rupees of additional liquidity and accelerating transmission of cuts in policy rate;
    • Targeted long-term repo operations -- amounting to 1 trillion rupees and issued at a floating rate -- to ease the working capital cash flow requirements of businesses, shadow banks and mutual funds;
    • Increased liquidity access to the banking system under marginal standing facility by 1.4 trillion rupees, available till Jun. 30;
    • Issued LTRO’s amounting to 1 trillion rupees at the overnight policy repo rate and undertaken multiple rounds of longer tenor government bond purchases under operation twist program.
  • Lending institutions permitted to allow a moratorium on payments of installments on loans outstanding as of March 1 for a period of three months.
  • Lending institutions allowed to defer payment of interest on working capital facilities for a period of 3 months.
  • Banks permitted to participate in non-deliverable forward rupee trading in the offshore derivatives market from June 1.
  • RBI allowed foreign investors to invest in five central government securities without any limits. The total outstanding issuance of these five securities amount to $57 billion or 4.3 trillion rupees.
  • Bloomberg Economics assessment: further stimulus is on the way, with the repo rate to be cut by another 90-100 bps over the next two meetings. In addition, we believe the RBI will need to consider bigger rate cuts in its reverse repo rate to further encourage commercial banks to loan out surplus funds. Importantly, we expect the RBI to take steps to support additional fiscal stimulus.

Fiscal measures

  • The government has announced 1.7 trillion rupees ($23 billion) in fiscal support targeted at the most vulnerable sections of the society, aiming to ensure they have access to food and essential services. Bloomberg Economics’ calculations suggest borrowing would amount to only 1.3 trillion rupees as the rest comes from bringing forward regular government expenditures and utilizing contingency funds:
    • Food for all poor: We estimate the government has allocated an additional 420 billion rupees for this scheme, providing free cereals and pulses to 800 million people over the next three months.
    • Direct cash transfers to support farmers, rural laborers, the disabled, and other marginalized sections of society. We estimate the direct cash transfer benefits will cost the government a total of around 860 billion rupees.
    • Income support for farmers: This is not additional expenditure for the government and won’t affect the budget deficit. We estimate this will cost around 175 billion rupees.
    • Rural employment guarantee: We estimate the government will need to incur an additional 270 billion rupees of expenditure on this scheme.
    • Additional schemes include income support for senior citizens and women, free cooking gas cylinders, loan support for womens’ self help groups, cuts to provident fund payments for workers and employers, a welfare fund for construction workers, and health insurance for medical workers.
  • Bloomberg Economics’ assessment: fiscal measures have not attempted to address the economic hardship resulting from the virus induced lockdown. Instead, they have so far focused on ensuring access to food and essential services for the most vulnerable sections of society. As the government gets more clarity on the duration and economic cost of the lockdown, we expect further fiscal support.

Brazil

Monetary measures

  • The BCB cut the policy rate by 50 bps to 3.75% in its March Copom meeting.
  • Liquidity injections of about 1.2 trillion reais (16.7% of GDP) delivered through lower reserve requirements, new rules for deposits and loans to financial institutions backed by debentures or by credit operations.
  • Changed some macroprudential regulations (for example capital requirements), to allow for potential credit expansion of 1.2 trillion reais and pave the way for banks to renegotiate client-owned debt.
  • Bloomberg Economics’ assessment: The BCB’s measures were fast and bold. They targeted not only liquidity, but also regulatory difficulties that could prevent banks from lending or renegotiating debt, and attempted to flatten the yield curve. We believe these measures are more than sufficient to mitigate risks of a bank crisis. It is not yet clear that credit is reaching firms that need it most, especially SMEs.

Fiscal measures

  • Stimulus of nearly 800 billion reais (10.5% of GDP). Extra funds to households and businesses worth 2.6% of GDP:
    • The nationwide universal healthcare system receives additional 9.5 billion real in federal funding — about 10% of annual budget;
    • Cash handouts and early benefit payments for individuals: extraordinary income support of 600 reais/month for three months for informal workers (98 billion reais), permission for formal workers to withdraw from their severance accounts (36 billion reais), and expansion of Bolsa Familia program to include 1 million new families (3.1 billion reais);
    • Measures to relieve the cash flow of firms: three-month deferral of some taxes, contributions and severance deposits (132 billion reais), and 40 billion reais credit line to fund SMEs payrolls for two months. The federal development bank (BNDES) will postpone debt payments for six months. Firms allowed to suspend labor contracts or negotiate a temporary reduction in workload and salaries, with affected workers receiving a partial compensation through unemployment insurance (51 billion reais). Credit operations temporarily tax exempt (7 billion reais). Airlines and airports allowed to defer fees payments;
    • Regional government relief (88 billion reais): federal transfers to offset lost revenue, six-month postponement in debt payments to the federal government and BNDES, and authorization for states and municipalities to contract up to 40 billion reais in new debt.
  • Bloomberg Economics’ assessment: After a timid start, the government finally asked permission to breach the annual fiscal target and gradually incorporated measures to get cash to the most vulnerable groups. Still, handouts to firms and individuals represent only 2.2% of GDP out of the nearly 12% of GDP pledged in the package, and the money is taking too long to reach those who lost their income due to the partial lockdown. The primary deficit will likely soar above 7% of GDP this year, but the ensuing rise in public debt is manageable with low interest rates -- as long as the deficit declines after the crisis.

Russia

Monetary measures

  • Bank of Russia has kept interest rates unchanged, considered a hike to stem ruble depreciation.
  • Governor Elvira Nabiullina hinted at return to easing in latest weekly briefing.
  • Initial response focused on keeping banks lending:
  • Support for ruble: preemptive foreign-currency sales under fiscal rule that channels reserves to budget to offset lost oil revenue, plus front-loaded sales related to transfer of Sberbank stake.
  • Bloomberg Economics’ assessment: The Bank of Russia moved quickly to restore stability, and it has more than enough policy space and credibility to avoid emergency tightening. Once markets stabilize, the central bank is likely to resume cutting rates to support the economy. With the ruble stabilizing, the central bank is likely to resume easing as soon as this month.

Fiscal measures

  • 2.3 trillion rubles ($30.8 billion) reserved for crisis response:
    • 1.3 trillion rubles ($17.2 billion) outlined so far, with additional 1 trillion in second package under development
    • Amounts to 2% of GDP, but total includes loans, deferred taxes, health measures, and support for regional budgets, as well as social protections;
    • SMEs: loan guarantees, six-month delay in collecting tax payments, insurance premiums cut in half;
    • Health care: 60 billion rubles of spending on infrastructure and equipment, plus extra pay for medical workers;
    • Social spending: At least 200 billion rubles for low-income families, 30 billion rubles in increased unemployment benefits;
    • Source of funds unclear, likely to include carve-outs from existing spending plans, with additional borrowing.
  • President Vladimir Putin called for tax hike on interest and dividends in 2021 to fund policy support.
  • Bloomberg Economics’ assessment: With the budget under pressure and risk-sentiment fragile, Russia’s fiscal response has been overly cautious. It’s increasingly clear that Putin will have to do more to offset the lost income of households and businesses, or else he’ll face a protracted downturn.

South Africa

Monetary measures

  • The South African Reserve Bank has reduced its key policy rate by 100 bps to 5.25% and announced measures to ease liquidity conditions in money markets.
    • It increased the number of repo auctions to two to provide intra-day liquidity support to clearing banks at the policy rate.
    • The SARB lowered the target money market shortage by 56 billion rand ($3.1 billion) and raised the size of the main weekly refinancing operations to support increased repo auctions.
    • The central bank reduced the borrowing rate of the standing facilities (rate at which SARB absorbs liquidity) to repo-rate less 200 bps.
    • The SARB cut the lending rate for standing facilities (rate at which the central bank provides liquidity) to the repo rate minus 100 bps.
    • Purchased government bonds across the entire yield curve and extended the main refinancing instrument maturities from three to 12 months.
  • SARB announced temporary relief on bank capital requirements and reduced the liquidity coverage ratio by 20% to 80% to provide additional liquidity and counter risks to the financial system.
  • Bloomberg Economics’ assessment: Despite sizable stimulus so far, lower interest rates will be necessary to provide support through a protracted downturn. Credit extension by banks to both households and companies will remain lackluster because of low business confidence and persistent demand weakness.

Fiscal measures

  • Temporary tax relief and income support of 43 billion rand, equating to about 0.8% of GDP.
    • Tax subsidy claimable by employers for 4 million workers of 8 billion rand
    • Deferral of PAYE (2 billion rand) and provisional tax (3 billion rand) for roughly 75,000 small- and medium-sized companies.
    • Unemployment insurance benefits of 30 billion rand.
  • A total 5 billion rand in lending and credit support for SME’s and businesses in distress, which equates to about 0.1% of GDP.
  • The government is also working on additional measures including support for the informal employment sector. Exact details of the size and scope of this stimulus have yet to be announced.
  • Bloomberg Economics’ assessment: There’s limited fiscal space and the government’s current response won’t be enough to compensate for the economic impact of the 21-day lockdown. The measures will also be too late to reach those parts of the economy that need it most. The delay partly reflects high levels of administration. The stimulus on offer also excludes the significant number of people working in the informal labor market. More measures will probably be trickled out, but they will probably be too late to make a significant difference to the economic impact of the pandemic.

--With assistance from Maeva Cousin (Economist), Adriana Dupita (Economist), Boingotlo Gasealahwe, Abhishek Gupta (Economist), Dan Hanson (Economist), Andrew Husby (Economist), Scott Johnson (Economist), Richard Marquit, Yuki Masujima (Economist), David Powell (Economist), Carl Riccadonna (Economist), Jamie Rush (Economist), Chang Shu (Economist) and Theophilos Argitis.

To contact the reporters on this story:
Tom Orlik (Economist) in Washington at torlik4@bloomberg.net;
Eddie Spence in London at espence11@bloomberg.net

To contact the editors responsible for this story:
Stephanie Flanders at flanders@bloomberg.net

Zoe Schneeweiss

© 2020 Bloomberg L.P. All rights reserved. Used with permission.

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