Bond Outlook [by bridport & cie, September 21st 2005]
The US economy and the Fed have, as we expected, shrugged off the effects of Katrina, basically ignoring the longer-term impact, which we would qualify as worsening an already greatly imbalanced US and world economy. Let us hope Rita does less damage. The weekly Webcast by Roach (MSI) includes some interesting data: |
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The world imbalance as measured by the current account deficit of the deficit countries or the current surplus of the surplus countries is at an unprecedented 5% of world GDP. |
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