Jamie Dimon's warning for the U.S. economy — nobody knows what comes next More than four months into the coronavirus pandemic, the financial damage wrought by the outbreak has yet to fully register. Hugh Son CNBC

• The range of outcomes for the economy in the second half is incredibly wide: JPMorgan Chase sees no fewer than five different paths it can take.
• The bank has gotten more pessimistic, seeing unemployment in its default “base” scenario hitting nearly 11% by the end of this year, 4.3% worse than when it made the same forecast in April.

New York Times

Hong Kong, Spain, and Melbourne, Australia, are seeing resurgences. The U.S. recorded nearly 70,000 new cases, and President Trump canceled part of the Republican National Convention.

Microsoft co-founder Bill Gates said Wednesday that people could need multiple doses of a potential coronavirus vaccine to immunize themselves from the coronavirus. If necessary, the multiple doses could require more than 7 billion vaccinations to be administered worldwide.

"None of the vaccines at this point appear like they'll work with a single dose," Gates said. "That was the hope at the very beginning."

The billionaire philanthropist, who has donated $300 million towards the global effort to combat COVID-19 through the Bill & Melinda Gates Foundation, told "CBS Evening News" anchor and managing editor Norah O'Donnell that deploying a coronavirus vaccine will require a global effort.