FLGV - On My Mind: A Strong Recovery Challenges Ahead

• The first stage of the US economic recovery proved as strong as we expected, and even following the second wave of contagion in July, the recovery showed an encouraging degree of resilience.
• We expect third-quarter US gross domestic product to show a strong quarter-on-quarter rebound, followed by a slower recovery in the fourth quarter.
• We see a similar picture playing out in the euro area, with fiscal stimulus helping a recovery in consumer spending and business activity, especially in the third quarter.
• Global central banks are still offering maximum support to their economies.

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