Author

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

Economy

ISM Manufacturing Index at 57.7

Edward Harrison Mar 2, 2017

The ISM manufacturing index showed the US manufacturing sector expanding at a faster rate, with the index hitting 57.7% in February. Importantly, the three major subindices - new orders, production and employment - all showed robust…

Economy

More on underconsumption and the end of excess demand

Edward Harrison Mar 1, 2017

Underconsumption is the term we’re now using to describe the thesis that we are living in a world of excess supply. The novelty here - as I pointed out yesterday - is not that the world is oversupplied - and therefore lacking in developed…

Economy

Proof that the global economy is re-accelerating

Edward Harrison Mar 1, 2017

In February, the rate of growth of Italy’s manufacturing sector showed the fastest increase in output and new orders since December 2015. Employment growth was the highest since late 2000.

Markets

Three charts which show the Fed is tightening aggressively

Edward Harrison Mar 1, 2017

I have three charts for you which demonstrate that the US Federal Reserve is tightening monetary policy.

Markets

The divergence in equity and credit markets

Edward Harrison Feb 28, 2017

This chart speaks volumes about the Trump rally.

Economy

This is the biggest takeaway from the US GDP report

Edward Harrison Feb 28, 2017

The GDP report today showed middling growth of an annualized 1.9% in the US in the last quarter of 2016. That’s not gangbusters, but it’s not bad either. The thing to look at is consumption, because that shows the consumer chugging along.…

Economy

How long will US consumer demand keep up?

Edward Harrison Feb 28, 2017

US GDP numbers released today show the economy grew at a 1.9% annualized pace in the last quarter. That follows a 3.5% pace in the quarter before. Not bad. But the question now is how long this will keep up. Declining auto sales might offer…

Political Economy

Underconsumption and the end of excess demand

Edward Harrison Feb 28, 2017

Yesterday’s post on the failure of Japan’s monetary policy experiment drew some favourable commentary from a prominent macroeconomist that I want to run by you. The gist of his insight is that we have long been living in an age of an excess…

Political Economy

What will Trump say about Chinese manipulation at the SOTU address?

Edward Harrison Feb 28, 2017

Tonight US President Donald Trump is due to give his first state of the union address. From a foreign policy perspective, the big item on the table is Russia. But from an economic perspective, the country we meed to be thinking about is…

Economy

The re-nationalization of eurozone lending

Edward Harrison Feb 27, 2017

While most analysts have been focused on credit growth which has re-emerged after the sovereign debt crisis, cross border inter-bank lending has decreased, fragmenting the euro zone along national lines. In a crisis scenario, one should…

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