ms. lagarde: it is lovely to see you and to participate. to your question, i am not sure it is going to be a major game changer for our forecast, simply because what we had anticipated in our baseline was that some stage in the first half of 2021, there would be a vaccine, and that it would be rolled out in the course of 2021. so it might be a little back celebrated -- a little bit accelerated given the news we are receiving from the various horizons, germany, the u.s., but i don't think it is going to be a game changer, so to speak. i think that our forecast is being revisited all those times we speak, and we will be releasing on december 10, so i don't want to anticipate what the outcome will be. had this great news about vaccines, we had some pretty negative news concerning the second wave that came about earlier than anything we had anticipated, and together with that second wave, we have also that list of containment measures in lockdown measures that have affected one country after the other in the euro area. we had a combination of t

ms. lagarde: i am not sure it is going to be a major game changer for the forecast, simply because what we had anticipated in our baseline was that at some stage in the first half of 2021, they would be -- there would be a vaccine, and it would be rolled so in the course of 2021, it might be a little exhilarated given the news that we are receiving from germany, u.s., but i do not think there is going to be a game changer, so to speak. i think that our forecast is being revisited almost as we speak, and we will be releasing on the 10th of december, so i do not want to anticipate what the outcome will be. --, you know, we have seen before we had this great news about vaccines, we had some pretty negative news concerning the second wave that really came about, certainly earlier than anything we had anticipated, and together with that second wave, we had also that list of containment measures and lockdown measures that have country aftera another in the euro area. we had the development that affected negatively the situation, and that also has an impact on the outlook. francine: so what kind

ms. lagarde: i will not be surprised but i will be disappointed. a good time to step back and let the democracy do its job. we will continue to do what we do every day, that is to serve all americans and support the economy. lagarde: governor bailey, i will ask you to comment on the same question. you are a bit more free than pale power to come -- chair to comment on the election. we will just watch and see how it plays out. is good news, obviously. it is encouraging. we need encouraging signs. it is not here yet in terms of the implementation of it. week on the last basis of improvements. is news that is supportive of that. i would emphasize that this year , we have seen high levels of calibrated uncertainty in the economic outlook,. is gradually,ant as we get more news on the vaccine situation, i hope that not only will that give encouragement and hope, it will start to begin to reduce that level of uncertainty. we are not there yet. for monetarytant policy because we are having to make policy in conditions of extreme uncertainty. lagarde, i cann