joining us now is melanie baker, senior economist, royal london asset management.e heard the imf bank, when you look at the economy, maybe it is better than expected, or revised upwards. but we have so much concern about some of the downside risks. do you see those crystallizing? this will always be a difficult phase of the recovery. the initial recovery was driven by reopening with help from policy and pent-up demand. this will be a slower and more difficult phase of the recovery. ,e knew there would be setbacks and that is very much what we are seeing. it is in line with many economists forecasts, a bumpy period before we get a vaccine. it comes back to the point you were making that getting to a vaccine is important for a normalized phase of recovery next year. at some: when you look of the things that worry the market, where will we see the most scarring of the economy? melanie: one area most economists are worried about our permanent job losses. you can see if you look at the u.s. numbers for example, they are improving, jobs are being added, but you can see u