V or not V?

Since mid-May 2020, financial markets and international institutions have clearly favour ed the scenario of a V-shaped recovery. When a more cautious message appears, for example that given by the Federal Reserve on 10 June, financial markets react very negatively. And yet this cautious message makes sense, given the presence of numerous factors that could potentially slow the recovery: Corporate debt; The existence of struggling sectors; Crisis in emerging countries; The new health measures, as long as they remain in place ; Geopolitical tensions.