Q&A Begins

First Q in Q&A: What indicators are you seeing that the pace of improvement in the economy / labor market has moderated, and how correlated to rise in COVID cases?

- A: Most of economic path (decline in March and April, bounce back in May and June) was expected. Since then, the pace of improvement has moderated, looking at different measures (claims, job gains). "We have been concerned that the downside risks, though, are prevalent now, which are really the risk of the further spread of the disease and also the risk that households will run through the savings they've managed to accumulate on their balance sheet and that could weigh on activity. But what we see up to the present, really, is continued growth, continued expansion, but at a gradually moderating pace. "