Right now our message to our markets is that we prefer early, measured action – as opposed to chunky reactions to global developments as they happen. We believe this strategy is less disruptive, and will help insulate us from the toggle of AE normalization. The availability of good information is of course crucial in this regard.
A similar picture emerges for industrial production, which is up only 2 percent from its cyclical trough, compared with 6½ percent in 1990-91 and almost 20 percent on average after the other seven post-war recessions. Are jobless recoveries now the norm?