Surveillance: Economic Recovery With JPMorgan's Kelly
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 24 April 2020
⏱️ 33 minutes
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Summary
Alan Ruskin, Deutsche Bank Chief International Strategist, says that U.S. policy measures have inevitably expanded debt as far as the eye can see. Francisco Blanch, Bank of America Global Head of Commodities & Derivatives Research, says U.S. GDP will see the steepest drop in modern history due to the COVID-19 lockdowns. David Kelly, JPMorgan Asset Management Chief Global Strategist, expects economic recovery in the second half of next year, but worries about the unanticipated impact of financing 'an awful lot of misery' until that time. Leslie Vinjamuri, Chatham House Head of U.S. and Americas Programme, says it's difficult to predict how much more stimulus is needed to combat the coronavirus’s economic impact. Dr. Andrew Pekosz, Johns Hopkins University Bloomberg School of Public Health Professor and Virologist, says the broad spectrum of disease induced by the novel coronavirus complicates the effectiveness of drug treatments.
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Transcript
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| 0:24.6 | dot com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene. |
| 0:43.4 | Daily, we bring you insight from the best in economics, finance, investment, and international |
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| 0:56.2 | on the Bloomberg. |
| 0:57.3 | We begin the program with Alan Ruskin of Deutsche Bank. |
| 1:00.4 | Here's a line from Alan for you. |
| 1:01.8 | G10 Central Banks have expanded their collective balance sheet by 2.7 trillion dollars. |
| 1:08.0 | And two-thirds of this comes from one Central Bank alone, the Federal Reserve. |
| 1:13.6 | Alan, fantastic to catch up with you and brilliant research as always with the team over at |
| 1:17.7 | Deutsche. |
| 1:18.7 | Just run us through the compare and contrast right now between Europe and the US? |
| 1:23.0 | Well John I think you're absolutely right to make a distinction not only in terms of what's going on in terms of monetary policy but what's going on |
| 1:33.6 | in terms of the fiscal policy in fact fiscal policy may be more important but on the |
| 1:37.0 | monetary policy side we all knew that coming into a crisis Europe starting off |
| 1:41.5 | with negative rates was not going to be able to do very much, |
| 1:44.6 | that there was a little bit more leeway from the Federal Reserve, but it didn't just stop there |
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