Monthly Forecast Update

Equity market rally faded amid concerns about a resurgence in COVID-19 infections. The path forward remains cloudy as restrictions continue.

With some progress in 'flattening the curve,' many countries began to gradually reopen their economies. Early May indicators point to some pickup in activity.

Economically-damaging containment efforts have helped ‘flatten the curve,’ but the path back to normalcy is likely to be slow and uneven.

Following record declines in the second quarter, RBC Economics projects a sizeable rebound in GDP over the second half of the year.