Market Update

Global Macro Update July 2020

U.S Macro Commentary Figure 1. US GDP.            Figure 2. Citigroup Economic Surprise Index. US recorded a -32.9% annualized drop in GDP in Q2 2020 (Figure 1). The largest ever decline was broad-based, seen within the full spectrum of investments (both residential and non-residential, inventory), exports, personal consumption and local government …