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Reproduced from BofA Global Research; Table: Axios Visuals

"The monetary policy response to COVID-19 has been massive," Bank of America Global Research analysts write in a recent note to clients.

What's happening: Led by the Federal Reserve, which has added $2.5 trillion to its balance sheet in less than two months, all of the world's major central banks have taken extreme policy action.

  • The Bank of Japan has doubled its ETF purchase target limit and increased its purchases of commercial paper and corporate bonds.
  • The Bank of England has restarted quantitative easing and is expected to double its balance sheet holdings by year-end.
  • The Bank of Canada has launched QE for the first time.
  • The Reserve Bank of Australia has joined the BoJ in attempting yield curve control.

The big picture: BofA analysts expect total holdings among the "big six" central banks to increase from 46% of GDP at the end of 2019 to around 78% by the end of 2020.

  • In 2007, the total was just 16% of GDP.

What's next: Inflation and currency risk in the near term are not major worries, BofA argues, as developed markets could actually see their currencies rise in value as more emerging market central banks start their own forays into quantitative easing.

  • "We think the key risks to [developed markets] are 'Japanification' — sustained zero or negative policy rates, very flat yield curves and policy impotence — and distortions from the growing prominence of central banks in various markets."

Go deeper: Central banks load up for a long war against coronavirus

Go deeper

Aug 14, 2020 - Health

CDC: Those who recover from COVID-19 have 3-month window for safe mingling

Test tubes with blood samples of donors that have developed antibodies against the coronavirus. Photo: Robin Utrecht/SOPA Images/LightRocket via Getty Images

The Centers for Disease Control and Prevention updated its guidance Friday evening suggesting that those who test positive for COVID-19 and recover "do not need to quarantine or get tested again for up to 3 months as long as they do not develop symptoms again."

What they're saying: "...this science does not imply a person is immune to reinfection with SARS-CoV-2, the virus that causes COVID-19, in the 3 months following infection. The latest data simply suggests that retesting someone in the 3 months following initial infection is not necessary unless that person is exhibiting the symptoms of COVID-19 and the symptoms cannot be associated with another illness."

Updated Oct 7, 2020 - Health

World coronavirus updates

Expand chart
Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

New Zealand now has active no coronavirus cases in the community after the final six people linked to the Auckland cluster recovered, the country's Health Ministry confirmed in an email Wednesday.

The big picture: The country's second outbreak won't officially be declared closed until there have been "no new cases for two incubation periods," the ministry said. Auckland will join the rest of NZ in enjoying no domestic restrictions from late Wednesday, Prime Minister Jacinda Ardern said, declaring that NZ had "beat the virus again."

Aug 14, 2020 - Health

California passes 600,000 confirmed coronavirus cases

A healthcare worker in Los Angeles handling a coronavirus test on. Aug 11. Photo: Mario Tama/Getty Images

California reported almost 8,000 new coronavirus cases on Friday, bringing the state's tally to more than 600,000 since the pandemic began, according to the state's Department of Public Health.

Why it matters: California is the first state to surpass the 600,000-case milestone. It also reported 188 deaths associated with the virus on Friday, bumping its total to almost 11,000 — the third-highest death toll in the U.S. behind New York and New Jersey, according to Johns Hopkins University.

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