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A country breakdown as global growth accelerates: Italy, Spain, Greece, Japan
My contention has been that global growth is accelerating. Backing that up, yesterday I looked at four economies where growth has been good. Only in Sweden were we seeing renewed weakness. Today, I want to look at four economies where…
A country breakdown as global growth accelerates: US, UK, China, Sweden
The data on the global economy continue to improve. The US expansion has continued, Europe is exiting recession and China’s growth his defying expectations of a slowdown. All of this portends well for 2014. Part one of the data and analysis…
US deleveraging ending, outlook upbeat, tapering coming
The latest flow of funds data from the US Federal Reserve show that the great American household deleveraging may be over. This should add a credit accelerator to the US economy which maintains growth. Meanwhile analysts are increasingly…
As yield curve steepens, banks outperform
Banks pay next to nothing on deposits while charging a rate that is often linked to treasuries on the loans they make. The steeper the curve, the wider the "margin". And given the leverage inherent in the banking system, even a small margin…
Macro myopia on tapering and a preview of the week’s highlights
Those inclined to the Fed tapering in December seem myopic. The employment was not the only economic report that was released before the weekend. The US also reported that the Fed's preferred measure of inflation, the deflator for core…
Investing in liquidity driven markets
I have spent some time this past weekend reading what investment manager Hugh Hendry has had to say about why he has turned bullish. And the clear takeaways are twofold. First, it is very difficult to ‘fight the Fed’ when it wants growth.…
Full employment policy in the periphery without the euro exit
In the case of Greece, with fuel, food, and medicine making up a large share of the import bill, further economic disruption and destabilization would likely result from a choice to exit the eurozone. Exiting the euro does not appear to be…