michael metcalfe from state street is still with us.terday, the imf warned the pandemic would cause lasting damage to living standards. they are pushing for a two-week lockdown. we really seeing economies in the west struggled to stamp out the virus and keep the economy going. it is a hard line for them to walk. when did the markets stop pricing in all these fresh restrictions? michael: yeah, it is a very good know whatecause we ultimately the restrictions bring which is a version of what we saw in q2 which was a very sharp slowdown in growth. right now, we're in the midst of getting the data from q3 which we know as seen a significant rebound. right now, most of the forecast, the imf included, you do have the recovery continuing. lockdown's are just partial or not quite as strict year,had earlier in the -- the moree stringent lockdowns get and you talk about these circuit breaker levels and no national thosewns, obviously forecasts will have to be revised down. i think right now, the market has not got that in their projections, the id