Julian turns on the SatNav of the macro charts to help orientate us before a particularly eventful Q4 begins. Much of the positive impact of monetary and fiscal expansion has worked its way into the system. COVID could go either way. Keeping up the pace of policy response will be difficult or nigh on impossible in the divisive political world of pre-election America. But policy response there will be, for better or for worse. Once we are grounded in the present, we can feel better prepared for a dynamic end of the calendar year.