Quarterly Review & Outlook-1st Quarter 2020

“There are decades where nothing happens, and there are weeks where decades happen.”
‐ Vladimir Lenin
The world is in the middle of the messy real‐time process of assessing the economic fallout from the coronavirus. Significant short‐term weakness in the economy is here and now and, like a pileup on the interstate, it is hard not to stare at the unprecedented sudden economic shock
occurring simultaneously in every corner of the world. There is an ongoing debate on the shape of the recovery, with few historical parallels to draw from.

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