US Fed Goes Global, No V-Shape Recovery, China Worst Over 

• The Fed is acting as central banker to the worldby seeking to provide the global financial system with the dollar liquidity it needs to avoid seizing up
• The coronavirus is guaranteed to throw the world into recession, but economists are becoming less convinced about the potential for a strong snapback in growth
• A rebound in China’s manufacturing sector and a shift by government leaders to loosen the reins on borrowing suggest the worst may be over for the economy. Meantime, China’s cabinet said the central bank should enact further cash injections and local authorities should issue more infrastructure bonds
• President Donald Trump approved a proposal to delay payment of certain tariffs by three months. He called on Congress to provide $2 trillion for U.S. infrastructure, seizing on the coronavirus outbreak to try once again to advance one of his longest-standing priorities
• Prime Minister Shinzo Abe now has a record stimulus plan to help Japan’s households and businesses survive the coronavirus pandemic. History suggests there will be more to come
• Economy chiefs from the G-20 are switching focus to the need to assist developing nations trying to cope with the impact of the coronavirus
• The BOE should take the step of buying bonds directly from the government, according to a former deputy governor
• Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.

– Bloomberg