The report provides a high level overview of the risks and rewards created by the digitization of the global economy, noting both expanding connectivity and higher vulnerability to potential cyberattacks. The outlook notes that Federal Reserve Chair Jerome Powell recently indicated that one of the main risks to the financial system is cyberattacks. According to Cybersecurity Ventures, damages from cybercrime could reach $6 trillion by 2021, significantly higher than other major crimes like drug trafficking, pilferage and maritime piracy.
The quarterly outlook also delves into the potential impact of the Coronavirus and Boeing’s groundings, both creating headwinds for the longest expansion in U.S. history. In addition, the report notes that financial volatility could remain elevated during the U.S. election cycle and will likely ebb and flow with election polling data.
In addition, the quarterly outlook contains a comprehensive view of the U.S. housing market, performance assessments by industry, and a detailed analysis of the impact of presidential tweets on the economy.
Led by Nathaniel Karp, BBVA USA’s research team analyzes the U.S. economy and Federal Reserve monetary policy. For its analyses, the economists create models and forecasts for growth, inflation, monetary policy and industries. The Economic Research team also follows a variety of issues that affect the Sunbelt states where BBVA USA operates. Follow their work on Twitter @BBVAResearch and @BBVANews_USA.
Read the full report here.
See the complete library of BBVA Research publications here.
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