While global economies are slowly reopening, we see the COVID-19 crisis as only magnifying the slow growth and low inflation environment we were in prior to the pandemic, with interest rates remaining low for an extended period.
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As we approach the longest historical economic expansion in North America, we see the cycle continuing with no recession on the horizon. Twenty different global central banks eased monetary policy in 2019 providing fuel for global growth to continue. As U.S.-China trade tensions calm and a resolution to a three-year Brexit standoff is in sight, we believe business sentiment should improve and abundant central bank liquidity can help provide positive yet uneven global growth.
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The most recent monetary policy meetings from the Federal Reserve (Fed) and European Central Bank (ECB) laid the ground work for a new round of interest rate cuts and potential quantitative easing (QE) in Europe. This comes as global central banks are trying to get in front of softening economic data and disappointing inflation measures.
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