Via Morgan Stanley:
This Normal Cycle
Of all the adjectives to describe 2020, ‘normal’ seems pretty far down the list. The year has witnessed a global pandemic and the worst quarter for global growth on record. Those emergencies produced the highest levels of government and central bank support ever seen. And beyond these obvious extremes are the daily disruptions that remain impossible to ignore. The family and friends not seen. The offices sitting empty. The stadiums filled with artificial noise.
