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France and the Netherlands moving in opposite directions
Europe’s recovery is still uneven. Recent data in France and the Netherlands show one nation with contracting GDP and the other with expanding GDP. When will the recovery begin in earnest?
More Thoughts on the European Endgame
My view remains that Europe is in an incipient but unstable recovery vulnerable to exogenous shocks. However, I do not believe this recovery means that crisis is over. Rather, this is a lull before continued stagnation forces Europe to make…
On the juxtaposition of positve economic growth and market vulnerability
It was interesting to see the US markets follow through yesterday to the upside after a monster rally in shares when the Fed tapered large scale asset purchases on Wednesday. But rather than seeing strength in this, I see vulnerability…
Why the Fed tapered asset purchases
Yesterday, the FOMC decided to reduce the pace of its large scale asset purchase program from $85 billion per month to $75 billion per month. The Fed has long wanted to taper its LSAP program and move to forward guidance to normalize policy…