Greg Davis: There is been a ton of problem around the R word “recession”. What’s your team’s thoughts in conditions of the probability that we’re likely to enter a recession and what you would be searching out for?
Joe Davis: Well, sad to say, Greg, you know the U.S. financial system is likely to enter a deep recession. You know, the mother nature of the initiatives to contain the virus has also led to closures or suspension of a ton of business exercise, particularly in the services sector. And so our estimate is that the financial system will contract, on an annualized basis, maybe as much as shut to 20%, which is substantial about the upcoming various months. It would be the most significant one quarterly drop in our historical past since at least World War II, at least since records have been kept. Client spending will particularly contract