Even as governments and central banks acted with an unusual show of policy force, they were unable to get the situation under control because of the interconnectedness of the financial system and the effects, positive and negative, of external developments on domestic policy actions. Most important, they found that sentiment and confidence were remarkably correlated across countries.
This demand has spilled down into the supply chain so we see increasing prices for such things as transporting goods (as shown by the Baltic Dry Index, Graph 5), and for wrapping them, as shown by the cost of new and recycled cardboard.