A main fear of the financial markets is that the fiscal stimulus from Washington will be prematurely unwound, jeopardising the fragile US economy.

These worries are not unfounded. The recovery has been policy induced – or comes with a label that reads “Made in Washington”. For many on Wall Street and Main Street, it is far too early for the government to disengage, with memories still fresh of last year’s global credit crisis. Then, a government lifeline was desperately needed lest the ensuing financial meltdown-cum-global-recession morphed into something far uglier.