Nov 20, 2020 19:57 UTC

The second wave of the coronavirus is currently hitting Europe harder than the US, but this pattern may soon reverse as winter sets in, particularly if America’s post-election interregnum paralyses both health and macroeconomic policy. And although officials claim the US still has capacity to provide much-needed disaster relief to hard-hit workers and small businesses, the growing share of US public and corporate debt in global markets suggests longer-term fragilities.