The outlook for the global economy continues to darken, and a growing number of analysts see oil demand contracting in 2020. Despite the recent rebound in oil prices – largely stemming from the first 50 basis point interest rate cut since the global financial crisis and expected OPEC+ cuts – the coronavirus is showing no signs of slowing down. Monetary loosening was initially welcomed by the market on Tuesday, but the rally quickly faded. “The move, which was perceived as a sign of (for lack of a better word) desperation, spurred the first-ever sub-1% yield on the U.S. 10-year bond. But equities responded by erasing the bulk of Monday’s rally,” Raymond James wrote in a report on Wednesday. “COVID-19 is fundamentally a public health problem, and it will ultimately require a medical solution rather than a monetary one.” Other central banks around the world quickly followed in the Fed’s […]