Consumers resisted. Business panicked. And central banks reacted.
The result was more resilient economic activity in the U.S. - where the recession has been relatively mild - and in France and the U.K. too toward the end of the year.
It also means that with a sizable chunk of the global economy largely tapped out, and with interest rates about as low as they can get,
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- Quarles: yield curve flattening not “likely” a signal of recession