Bond Outlook [by bridport & cie, January 18th 2006]
Even while the doubts about the sustainability of the US economic structure are growing, the overall outlook for the world’s economy looks favourable. The world has moved marginally away from US-centricity but remains very vulnerable to belt-tightening by US consumers. It is as if everyone realises that the Americans have to cut back on their spending, but would like them to do so rather gently. That, presumably, is the view of the Chinese, responsible for one of the two economic driving forces we identified last week (support for the USD). |
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