Bond Outlook [by bridport & cie, February 7th 2007]
Over the last weeks, optimism about the US economy has reigned, not least in this Weekly comment. Lower oil prices (compared with last year, and notwithstanding the recent rally) have allowed consumer spending to continue unabated in the USA. The beginning of a shift in relative return back to labour from capital has raised hope that households will feel little or no squeeze as the housing market slows. |
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