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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-Wave-1-virus-acceleration-requires-wave-2-stimulus

Perspectives

CIO Strategy Bulletin: Wave 1 virus acceleration requires wave 2 stimulus

David Bailin

By David Bailin

Chief Investment Officer

July 19, 2020Posted InInvestment Strategy and Equities

More government spending is required now. The failure of the US to contain the virus early - and the lasting impacts this is having on all “socially close” economic activities – means that the rate of re-employment in the US will slow.  We reaffirm our March $4.5 trillion fiscal response estimate and note that $2 trillion of that amount is required to bridge the economy to January 1st.

We expect Congress will agree to an extension of emergency benefits as they have 36 times previously. Additional income supports are likely and greater attention is needed to avoid the government creating disincentives to work. Federal unemployment benefits to date are just 18% of all COVID-related supplemental Federal outlays.  While the failure to pass additional benefits would be quite worrisome, the idea that a massive “spending cliff” is upon us is an exaggeration.

An effective vaccine would represent the greatest fiscal savings instrument in world history. Keep an eye on its progress.

This week will start the period of drama and suspense over how the two US political parties come to eventual agreement.

Read: CIO Strategy Bulletin

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