Hints and tips:
...That is much higher than the previous pre-2020 peak, the BoE noted....
...David G Blanchflower Bruce V Rauner Professor of Economics, Dartmouth College, Hanover, NH, US Lord Sikka Emeritus Professor of Accounting, University of Essex, Colchester, UK Richard Murphy Professor...
...Mr Tucker indicated that economic recovery would come more quickly thanks to recent breakthroughs in vaccine development — although expecting a “V-shaped” recovery remained “beyond stupid”....
...Andy Haldane, the BoE’s chief economist, voted against the expansion of asset purchases in June, arguing that the recovery was “so far, so V [shaped]”....
...Andrew Bailey, the new Bank of England governor, was accused of producing overly rosy predictions on Thursday after the central bank said it expected a V-shaped economic recovery from the coronavirus crisis...
...External BoE monetary policymaker Silvana Tenreyro said in mid-July that her central forecast was for output “to follow an interrupted or incomplete V-shaped trajectory”....
...Andy Haldane, the BoE’s chief economist, has argued that the recent pick-up in consumer spending suggests a V-shaped recovery, while others on the MPC have argued that health concerns and fears over job...
...By the end of this year, the BoE will have accumulated £895bn in assets since it first began buying bonds during the global financial crisis in 2009....
...“Much more effort over the summer should have gone into planning for a second wave [of coronavirus], rather than pinning hopes on a V,” he said....
...“The V-shaped recovery that the BoE continues to project seems unlikely, to put it very mildly,” said Kallum Pickering, economist at Berenberg, the investment bank....
...He added that this was likely to suggest a slower recovery than the “so far, so V [shaped]” assessment of the BoE’s chief economist, Andy Haldane....
...The recovery is “so far, so V [shaped]”, Andy Haldane said in an online presentation, explaining that he voted against pumping another £100bn of newly created money into the economy because the “upside news...
...By dressing up its V-shaped economic forecast as a scenario, the BoE has hindered the necessary work of real scenario planning for outcomes that might be significantly worse than hoped....
...That had a deeper drop in economic output than the April official figures showed last week but also a V-shaped recovery with little longer term scarring....
...He said the BoE’s V-shaped recovery prediction would be “challenging”. On Thursday, the BoE forecast that the crisis will push the economy into its deepest recession in 300 years....
...Otherwise it predicted the economy would bounce back in a V-shaped recovery....
...It is early days, but my reading of the evidence is so far, so V.” I was among those sceptics. So let us examine what Mr Haldane is saying....
...Overall “the recovery in the house market has so far been V-shaped”, said Hansen Lu, property economist at Capital Economics, a consultancy....
...But initial hopes of a V-shaped recovery have faded rapidly....
...The BoE went further, temporarily loosening lenders’ capital buffer restrictions — helpful given banks are already trying to spare their customers’ pain with mortgage holidays and fee-free financing....
...But households would save more of their incomes than they did last year, he said, meaning “a sustained V-shaped recovery in households’ spending is out of reach”....
...the BoE was looking at how much persistent scarring of the economy was likely after such a deep downturn....
...But the forecasts by the BoE and UK fiscal watchdog are considered highly optimistic by many economists....
...India, which passed 5m cases, will buy 100m doses of Russia’s Sputnik-V vaccine candidate. Eli Lilly’s antibody treatment reduced hospitalisations....
...Our view has been that a growth recovery in 1Q would prevent the BoE from easing, with the Bank looking through a temporary ‘V’ shape interruption to global growth from the virus....
International Edition