After three months of gains that brought markets almost back to where they were before the Covid-19 rout in March, things suddenly changed last week. Worsening virus figures in some parts of the US spooked markets, just as the economy in other areas was reopening. Fed Chair Jerome Powell’s downbeat message on the outlook for the US economy added insult to injury and the markets took a dive. In our latest podcast, Ewout van Schaick explains that although volatility may remain elevated and there may be weakness in the short term, the positive factors that have been driving the markets are still in place.