BBVA Research Department since 1999 (2005- US Team)
•The World Bank, Ministry of Education, Republic Bank
•BA Studies Economics (ITAM)
•MsC & PhD Studies Economics (Warwick)
Surging Covid-19 cases and increased voluntary and compulsory distancing measures in some areas of the country produced the first drop in nonfarm payrolls (-140K) since April. The year-end fiscal relief package should alleviate some of the pressures on households and businesses.
Covid-19 cases, hospitalizations, and contagions rising rapidly. Economic activity is improving across most states. Data suggests a trade off between economic activity and containment measures.
As we expected, the FOMC left interest rates unchanged and enhanced their forward guidance on asset purchases. Today’s move represents only a modest shift in guidance and will not significantly alter the level and depth of financial accommodation being provided by the Fed.