It may seem as if markets have been in a holding pattern for the whole of August, which was largely characterised by slow news flow and limited volatility. For Ewout van Schaick, who returned from his summer holiday to find a world that barely differed from the one he left, this is certainly the case. Still, with the approach of autumn and the ongoing threat of a second wave of Covid-19 infections, this period of relative quiet is unlikely to last. As Ewout explains in our latest podcast, several key factors will shape the coming months. These include the evolution of high-frequency indicators such as mobility and restaurant data, a renewed deal on fiscal policy support in the US, and concrete developments related to the virus itself.