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Growth downshift, yes. But how much?

A lot of the data coming out of the US of late reinforces the concept that the V-shaped recovery is flattening out. Meanwhile, in Europe, which has outperformed the US on a currency-adjusted basis, the question now is whether that…

The recession is over

The retail sales data coming out this morning makes clear that the recession that began in February is now over. The forward-looking questions go to what the shape of the recovery looks like, what the policy response will be and how asset…

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