Daily commentary: The fiscal cliff

I owe you all a post on the European elections. And my weekly will probably cover that topic since it is the most important one this week. For now, I just wanted to highlight the coming fiscal cliff from 31 December to 2 January when all of the US temporary tax and stimulus measures expire. The set up for having these things expire risks a new recession and such a downturn would be ugly, especially given the elevated level of US S&P earnings expectations and the relative P/E ratio of the US ...

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