Over the last two weeks Q1 GDP data was released for the US, the eurozone and the UK. Predictably, the GDP prints show that all of the major economies have fallen into the most severe economic slump since the global financial crisis in 2008/9. The Q2 GDP prints, which will be released in early July will be at even worse levels, because the second quarter is when most of the developed economies went into lockdown. Central banks are well aware of the large declines in economic activity and they acted early in the crisis to alleviate the worst effects of…

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