In our September Economic and Market Update we draw the following key points:

• Globally, the pace of economic recovery from COVID-19 is uneven, with the US tracking at the optimistic end-of-expectations but economies such as the UK lagging behind Vanguard's mid-year forecasts.

• Economic growth in the US has returned at a quicker-than-expected rate partly as a result of less-stringent lockdowns helping to boost the near-term economic outlook. Longer-term, Vanguard continues to expect US economic growth won't return to pre-COVID levels until the end of 2021.

• There are signs international trade is picking-up after the lows of May and June with China as a stand-out in global trade. China's export position has benefited from its dominance in the global production for COVID-related products such as protective gear, pharmaceuticals and office equipment.

• Global monetary policy is expected to remain loose throughout 2020 and well into 2021, with the risks skewed towards further easing.

Read the report here