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Language Notification

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

CIO-Strategy-Bulletin-Opportunities-and-Risks-from-An-Evolving-Pandemic

Perspectives

CIO Strategy Bulletin | Opportunities and Risks from An Evolving Pandemic

David Bailin

By David Bailin

Chief Investment Officer

July 5, 2020Posted InFixed Income, Investment Strategy and Equities

The duration, impact and course of the pandemic may be changing. It appears that the spread of the disease is accelerating in the US. Nonetheless, it is also possible that the disease is becoming less fatal overall. While there are many explanations for the data presented herein, in an interview with Dr. Philip Barie, we heard that COVID is less fatal in Texas and California. (See The Coronavirus Conundrum below.)

Last Thursday, US employment continued rebounding, rising 4.8 million, significantly above expectations. While public fear over the spread of COVID is likely to inhibit growth rates, the economic rebound has enough strength to continue through a spike in the disease (See Jobs and Markets below.)

During this 2020 COVID recession, we have seen real estate become a highly cyclical investment asset. Overall equity REIT yields are at the highest spread above US Treasury yields since the Global Financial Crisis. We think a closer analysis of the public markets for real estate can identify areas of potential value for client portfolios.  (See Gimme Shelter: Real Estate Post-COVID below.)

Read CIO Strategy Bulletin.

If you are a Citi Private Bank client you can check the value of your portfolio by reviewing your monthly statements or, if you use Citi Private Bank InView, by navigating to the Account Overview page via Portfolio → Overview. If you have any queries please contact your usual Citi Private Bank representative.