Even if Covid hits shares, we must not inflate another cheap-money bubble

The Delta variant is rattling markets. But the temptation to soothe them with quantitative easing must be resistedFalling share prices. Investors piling into the safe haven of bonds. Rising infection rates of the Delta variant of coronavirus. The events of the past week have demonstrated one thing clearly: this isn't over yet.A couple of months ago the way out of the crisis looked clear. Immunisation programmes were allowing developed countries to remove restrictions on activity. A pick-up in growth was expected to continue without interruption. Rising government bond yields were seen as a sign of life returning to normal. Continue reading...