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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-We-can-handle-the-truth

Perspectives

CIO Strategy Bulletin: We can handle the truth

David Bailin

By David Bailin

Chief Investment Officer

June 16, 2020Posted InInvestment Strategy and Equities

In court, witnesses are sworn to tell “the truth, the whole truth, and nothing but the truth.” At many swearing in ceremonies, people place their hand over a bible that says, “and the truth shall set you free.” (John 8:32)

Well, then, hats off to Jerome Powell who told the truth at Wednesday’s FOMC press conference. Here are a few direct quotes, placed in an order that tells the story of where we are at this moment economically.

  •  “This is the biggest economic shock in living memory,” and the response “has been large, forceful and very quick... In a class by itself.”
  • There are “twenty-two, 24 million people (out of work), somehow as a country we have to get them back towork. They did not do anything wrong. This was a natural disaster.”
  • “We can use our tools to support the labor market and the economy and we can use them until we fullyrecover.” "We're not thinking about raising rates. We're not even thinking about thinking about raising rates."
  • Powell called the May drop in U.S. unemployment the "biggest data surprise anyone can remember," but he then said that the Fed is "not going to overreact to a single data point.”
  • “It is a long road. It is going to take some time.”

The Fed noted that the US jobless rate will drop from 13.3% to 9% this year. (Nine percent was near the peak during the Great Recession.) The Fed also forecasts a 5.0% gain in US GDP next year, that the unemployment rate would fall to 6.5% by the end of 2021 and 5.5% at the end of 2022.

Read CIO Strategy Bulletin.

 

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