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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-Please-Keep-Your-Seatbelts-Fastened-and-Your-Masks-On

Perspectives

CIO Strategy Bulletin: Please keep your seatbelts fastened and your masks on

David Bailin

By David Bailin

Chief Investment Officer

June 29, 2020Posted InEquities, Investment Strategy and Fixed Income

While the news on infections and hospitalizations will worsen, we do not expect massive economic closures across the US at large. We do expect that re-hiring rates will slow down and services spending will fail to rebound to the extent that it might have previously. As we noted last week, markets are likely to be much more volatile until we see the true end of the first wave virus impacts in the US.

The rapid rise of the virus and the resultant slowdown in the pace of recovery may call policy makers to action. We think the likelihood of a further fiscal package from Washington, DC rises with the level of Phase 1 infections.

Banking on recovery: The Federal Reserve released the results of its “annual” Dodd Frank Act Stress Tests that provided a clear, positive assessment of the health and safety of the US banking system. The day before releasing these results, the Federal Reserve announced a roll-back of certain parts of the Volcker Rule. Banks would again be allowed to make proprietary investments in venture capital and be able to acquire ownership interests in hedge funds and private equity funds.

In spite of the strong assessment of bank balance sheets and regulatory capital, the Federal Reserve also took actions to remind bank management that they were going to remain under scrutiny until the pandemic and its economic impacts were behind us. Nonetheless, with banks the second worst performing industry group this year, we expect their shares to be beneficiaries once a sustained economic recovery takes shape.

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.