A trader on the floor of the New York Stock Exchange. Central banks may be exacerbating market vulnerabilities by increasing the scope for disorderly sell-offs when the time comes to unwind the stimulus. Photo: AP A trader on the floor of the New York Stock Exchange. Central banks may be exacerbating market vulnerabilities by increasing the scope for disorderly sell-offs when the time comes to unwind the stimulus. Photo: AP
A trader on the floor of the New York Stock Exchange. Central banks may be exacerbating market vulnerabilities by increasing the scope for disorderly sell-offs when the time comes to unwind the stimulus. Photo: AP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Coronavirus stimulus is needed now, despite the risk to the post-pandemic financial landscape

  • The Federal Reserve has made a momentous decision to purchase the debt of companies, including the bonds of junk-rated firms. Such aggressive stimulus measures are shoring up asset prices, but storing up trouble for the financial system

Nicholas Spiro
Nicholas Spiro

Updated: 6:29am, 15 May, 2020

Why you can trust SCMP
A trader on the floor of the New York Stock Exchange. Central banks may be exacerbating market vulnerabilities by increasing the scope for disorderly sell-offs when the time comes to unwind the stimulus. Photo: AP A trader on the floor of the New York Stock Exchange. Central banks may be exacerbating market vulnerabilities by increasing the scope for disorderly sell-offs when the time comes to unwind the stimulus. Photo: AP
A trader on the floor of the New York Stock Exchange. Central banks may be exacerbating market vulnerabilities by increasing the scope for disorderly sell-offs when the time comes to unwind the stimulus. Photo: AP
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.