The market is not the economy

Today's commentary
Summary: One often hears the refrain "the market is not the economy", but what does that really mean? I am going to explain it in my terms here in the context of the global reflation trade - EM meltdown paradox.

As I wrote yesterday, my view is still that the global economy is in reflation/recovery mode. All of the major developed markets have better numbers from the US to Europe to Japan. And China also seems to be in reflation mode despite the desire of the Chinese gover...


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