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Global Economy, Central Banks and Fiscal Stimulus

While markets have suffered their first day of high volume capitulation, there are more experts now calling for more central bank rate cuts and fiscal stimulus from global leaders. Of course there are highexpectations of more rate cuts in March and April but we must keep in mind that central bank action or monetary policy will now have diminished impact.

The focus will likely be on the fiscal spending side to improve investor confidence and keep growth expectations alive. Some GDP estimates of 2.6% for 2020have been revised downward to 1.0% on a global basis. President Donald Trump suggested a payroll tax cut that was intended to boost markets – as I type the US Dow is expected to rally 1,000 points at the open after a 2,000 point drop yesterday. Many investors are now begging for fiscal stimulus. 

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