Strategy The COVID Delta variant had a significant impact on 3 rd quarter economic activity. GDP is expected to have increased 2% - 3% in the quarter which is well below the 6.7% we saw in the 2 nd quarter. Daily cases in the U.S. increased from 25,000 to 160,000. Airline travel decreased, borders closed, and it seemed as though we were headed back to renewed pandemic restrictions. August nonfarm payrolls were expected to increase 700,000..