The Resilience of the US Economy

Until now, growth has been very resilient across the board. The big question is whether this resilience shows that there is an underlying strength in the economy or whether you're having some elements or buffers that are helping the economies out. We don't for now see vulnerabilities that would lead us to think that that recession is going to be different than a normal cycle. That means that recovery is likely to come afterwards when inflation comes down and interest rates are able - real interest rates will be lower.