Bond Outlook
The recovery in the USA, such as it was, depended on cheap money and deficit spending, and has now been knocked off course by the events in the Arab world, and subsequent rise in energy costs. Cost-push inflation was threatening anyway, with higher food and commodity costs. Now the pressure has ratcheted up further. |
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A possible policy response to shifts in the world economy is to accept that living standards cannot, for a while at least, move forward at the same pace. |
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