This line of thinking has exact parallels with the events of 2007, when it was initially assumed that the subprime mortgage crisis was a minor and manageable problem affecting only the US – and nobody needs reminding how that ended.

If history is any guide, the global economy will eventually recover from the Covid-19 pandemic, but the idea that this is going to be a V-shaped recession in the first half of 2020 followed by a recovery in the second half of the year looks absurd after the tumultuous events of the past week.

What’s more, policymakers know as much. The Federal Reserve – the US central bank – does not need to be told by Donald Trump that it needs to cut interest rates and resume large-scale asset purchases known as quantitative easing. Wall Street is looking to the Fed to pull out all the stops when it meets on Wednesday and the world’s most powerful central bank cannot afford to disappoint.