Of crucial importance will be the first estimate of Q1 GDP, due on the 27th of April. If that's not a negative number, it's going to be extremely close to being a negative number. That's going to have a very adverse effect on those investors who believe that we will have a quick upturn. The economy wallows at the bottom of the U before growth bounces back. The L-shape is the grimmest outcome of all.
Growth goes down - and stays down.
Of course, no-one knows what the American economy has in store in the second half of this year. What happens over there will inevitably have an impact in Britain too. We'll just have to lie back and LUV it.