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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。

data-watch

Perspectives

Data Watch: Tracking the economic disruption of Covid-19

Steven Wieting

By Steven Wieting

Chief Investment Strategist and Chief Economist

September 19, 2020Posted InFixed Income, Investment Strategy and Equities

• The retail sector has adapted to Covid-19 with impressive speed, showing the economies resilience to dramatic changes. The severe one time shock is likely behind us, but now so too is the matching rebound. 


• Our forecast of +25% for 3Q GDP being roughly in line with the Fed’s real time tracker.  However, this was largely a result of the “reopening” and surge in sales in May and June, the starting point for the quarter.  


• Retail spending has held up in the US despite the end of expanded unemployment support. Unexpectedly the US now is experiencing a major retreat in fiscal support after the influx of money in the Spring and Summer.


• Industrial production has lagged behind the gains in consumer goods purchases.  We see further inventory declines heading into 2021. While this restrains the near-term pace of growth, it suggests a stronger rebound later.


• The center of the Covid-19 pandemic has moved beyond the US, we are seeing its growth in India and a second wave of cases in Europe.


• Rebound in job postings has been strongest in the US, perhaps because of larger early job losses during the shutdown.


• Despite signs of a second wave arriving in Europe, and the probability that something similar will happen in the US it is likely that the economic and market impacts will be much more muted than from the first wave.

Read Data Watch