Thanksgiving air travel is going to set 2020 records, and the confidence level for that can be adjusted up significantly after 1 million people cleared TSA security checkpoints yesterday.
We’re now at a place where intertemporal substitution makes a great deal of sense. We’ll travel less now, and travel more in the summer. We’ll go out to eat less now, and go out to eat more in the summer. I simultaneously cannot wait for travel to recover and also hope it waits until 2021 to do so.