By late 2020, G4 central banks will go from net runoff in their balance sheets to $60b per month. This is only about 40 percent of the rate we saw back in ’09, ’13-’14 and ’16-’17, but will help support equities markets. Of course, central banks still have to follow through, and most of the support is expected to come from the ECB. The Federal Reserve will need to resume asset purchases to keep pace with cash liabilities on its balance sheet.