Bond Outlook
December 6th 2006
On the issue “soft landing versus hard” for the US economy, there is only a single key domestic determinant: the extent and speed of the housing bubble deflation. If it is gentle, then the relative health of the service part of the economy, a shift in the “share of the cake” from capital to labour in a reversal of “squeezeflation” and lower energy prices could save the day. If, on the other hand, it is brutal, then the US and world economy is in for a beating. |
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