Don't expect a big lift from central bank policy easing

▀ During the current global slowdown, the world's central banks have delivered a broad‐based policy easing that has been larger than during the previous two mini‐downturns of the current cycle. ▀ We expect this to halt the downward momentum in the early part of this year and is a key factor behind our baseline view of no global recession in 2020. ▀ But limited further central bank wriggle room or a reluctance to use it adds a question mark over the efficacy of monetary policy and means we doubt it will deliver a big growth bounce, particularly in the advanced economies. In addition, fiscal support is likely to be limited in 2020.