Investors are ‘running in complete blindness right now,’ economist says

“In the 30 years I have been an economist we have never had this much uncertainty about the effects of the shutdowns, the future of the shutdowns because of the pandemic, the policy response and people’s fear in a sense,” Erik Nielsen, group chief economist at UniCredit, told CNBC’s Squawk Box Europe.

“We are running in complete blindness right now, there is no way of being confident about the outlook,” he said.

“Central banks are doing everything they can…but they cannot solve the problem,” he said.

“What we need is fiscal policy and then we need news on the pandemic that things are coming back to normal,” Nielsen said.