At the end of an impressive second quarter marked by strong support from fiscal and monetary policy, the market focus has returned once again to virus developments. Infection numbers in the southern US and in several emerging markets are increasing at a record rate amid stalled re-openings and renewed lockdown measures. The big question is how this development will affect consumer sentiment: if rising fear leads consumers to delay spending, this could dash hopes for a V-shaped recovery. In our latest podcast, Ewout van Schaick explains why we’re opting for corporate credit over equities in the current environment, where we see risks of an economic plateau, and how the upcoming November elections could shape market expectations.