Just in case you had not yet gotten your fill of the Cross Pond Classic, another event is introduced: The 400 meter stress-test hurdles. GO!
Analysts Olivia Frieser and Andrea Cicone concede the test is a "real one", in so far as the parameters - 12 per cent unemployment, 50 per cent fall in house prices and a six per cent decline in GDP from peak to trough - are reasonably demanding:
The assumptions seem severe enough to us and therefore the stress test seems real...
However, they note:
...if we were picky, we would say that they remain static tests, and that these assumptions are merely in line with the base case of our admittedly bearish economists.