- In the US the daily number of new cases is trending downwards
- NY still has the highest number of new cases with ~17,000 over the last week, although CA and IL have similar numbers
- As states reopen, there is the possibility of a resurgence of new cases
- Jobless claims continue to decline which could drop unemployment to below 20%, but most of the improvement (3/4) is coming in CA and FL
- High-frequency economic data is suggesting trends consistent with an 11.4% YoY contraction in US GDP
- Mortgage purchase applications have rebounded to pre-COVID levels
- Motor gasoline demand and other travel indicators continue to improve
- U.S. Lodging RevPAR -69.9% y/y in Week Ending May 23, showing continued weakness!