As a consequence, the high-frequency indicators suggest that the gradual lifting of lockdown restrictions in the major economies (first China, then Europe) has seen a rebound in manufacturing production and retail spending.
Although certain successes of the programme are visible in the financial markets (for example, in the form of lower interest rates for long-term borrowing) the hopes of a rapid normalisation of medium-term inflation expectations have not yet been fulfilled. 6  BIS central bankers’ speeches  However, this raises two questions. Are the inflation and economic outlooks so bad that new measures are needed?