Not yet at a point where we can reach a conclusion on negative rates

There is a risk that negative rates end up being counterproductive

Outlook for monetary policy is skewed towards adding further stimulus

QE is probably less potent now than in March

Risks are skewed towards even larger job losses

Difficult to see a scenario where all furlough workers are reintegrated seamlessly

The speed of the recovery is likely to be slower while the virus remains a concern