Can the global economy weather the coronavirus storm? Jul 27, 2020 New cases set back recovery, South Africa cuts rates to record low By Blu Putnam, Chief Economist & Erik Norland, Senior Economist, CME Group Recovery Setback? Air travel in July was just 40% of pre-pandemic levels. New cases of COVID-19 set back recovery in bar-and-restaurant traffic. Rebound in credit card spending slowed in July as infections rose. Pace of recovery highly dependent on consumer spending. Watch video South Africa: Stimulus, Low Rates Face Challenges Mining, manufacturing activity tumbled in May amid pandemic. Rates cut to record low; concerns over inflation rate falling further. Stimulus and low rates steepen yield curve in a positive sign. Economic recovery contingent upon containing coronavirus. Read article SEE MORE ANNOUNCEMENTS