Covid, Cars, Costs and Crises
Perhaps we don’t want to remember, but amid today’s heightened uncertainty, it is easy to forget that five years ago, March 2020, global markets collapsed in a heap. As country after country started locking down economies to slow the spread of Covid-19, investors sold out in a panic. The dash for cash was so intense that even the largest and most liquid market, the market for US Treasuries, temporarily seized up. Nobody knew what was happening next.