— Handwritten subtitles — Generated subtitles

Start Reading:

the stock market is reacting to what has been good news in our report as well very strong action by the Fed central banks elsewhere and also very significant fiscal measures they have put the floor under the world economy and it is a great source optimism that we will go over this crisis once there is a medical breakthrough we also have some parts of the market that are reacting to the winners of this crisis we have seen tech companies doing particularly well and we all know that the pandemic has accelerated a digital transformation but let not be complacent there is a disconnect between what we see in the real economy and the optimism of markets and what it requires from us is to be watchful and actually the Fed has demonstrated yesterday exactly that by taking the stress test as an input what they would like to see banks a very important part of the financial system to do more specifically also what not to do like giving baby Benson bad back buybacks they could have actually gone even further and totally scrapped dividends which we saw in the last financial crisis it something that been