message from the federal reserve, jay powell also pledging to maintain bond buying for as long as it takes to help the u.s. economy through the pandemic. joining us now, jane foley, rabobank head of fx strategy. i guess it was quite sobering after the blowout jobs number on friday to hear jay powell say we are not going to see a v-shaped recovery. jane: morning. i would argue that perhaps the majority of economists have always been more sober, and in the last month or so we see a lot of exuberance in the markets, particularly in equity markets. even so, many economists have chance of the v-shaped recovery is limited. we saw powell yesterday suggest in the u.s. it would be 9.3% by the end of the year. we have seen extremely high unemployment numbers forecast throughout the developed world and beyond. against that backdrop, it is inevitable we will have a demand-side crisis. if you think about fiscal measures, we have seen measures for very different cap -- from various different countries that a lot of the different stimulus is going into people's bank accounts. is normal to save more when people think they will lose their jobs. they will not be spending ei