Bouncing back to recovery
Sean McHale, sees genuine progress towards recovery, but says that the hardest part has yet to come
Given the gravity of the situation confronting policymakers in the dark days of last autumn, the positive developments seen since then should not be downplayed.
Many key indicators, including corporate bond spreads and interbank lending rates, have shown substantial improvement in recent months.
Although still subdued when compared to the norm of recent years, risk appetite has made a welcome return, credit conditions have staged a cautious recovery, and measures of business and consumer confidence...
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