There are many interesting aspects to the crisis that started in the US, spread around the world, and prompted unprecedented policy responses. One that I have stressed, including in previous Financial Times contributions, is the repeated ability of the crisis to morph.

This dynamic is again in play today, and will be an important driver of markets and policies in the weeks ahead. Look for the mix between deleveraging and economic concerns to shift towards the latter; and, on the other side of the valuation tug of war, for excessive policy pessimism to lift as measures transition from design and execution to the effectiveness phase.