"The fact that they have been tightening policy means that they have more room to provide future stimulus if they see the situation is deteriorating, " he says.

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No amount of monetary stimulus is going to help this situation, it simply has to run its course.

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"While the economic picture in the U.S. is getting better, the market is reliant on the knowledge that stimulus is still available if the situation were to worsen, " Mr. Taylor added.

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