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McKinsey — The careful economy

Summary:
Academic studies have found that past economic crises led to noticeable shifts in how consumers behave. Our research indicates that the economic impact of the COVID-19 crisis could lead to similar changes. What we’ve learned is that people around the world are thinking carefully about the future; they are searching for more financial stability, safety, and security amid rising uncertainty. Yet what has struck us most is how much those goals—and what they mean to people—have changed.... Hysteresis is likely to trump progress for a while, how long is uncertain. It is similar to the financial cycle that Minsky described. McKinseyThe careful economy

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Academic studies have found that past economic crises led to noticeable shifts in how consumers behave. Our research indicates that the economic impact of the COVID-19 crisis could lead to similar changes. What we’ve learned is that people around the world are thinking carefully about the future; they are searching for more financial stability, safety, and security amid rising uncertainty.
Yet what has struck us most is how much those goals—and what they mean to people—have changed....
Hysteresis is likely to trump progress for a while, how long is uncertain. It is similar to the financial cycle that Minsky described.

McKinsey
The careful economy

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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