Investment Commentary September 2020

Recent economic reports show that while the global economy continues to recover from the sharp contractions in activity recorded in the second quarter of 2020, the pace of growth has slowed in recent weeks.

The Citigroup Economic Surprise Index (which tracks the deviation of economic data from market consensus forecasts) provides a clear illustration of the moderation in the pace of economic activity. As the index shows, following a period of much better than expected economic reports, recent releases have, on balance, been somewhat weaker than consensus forecasts.

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