Bond Outlook [by bridport & cie, July 22nd 2009]
An exit strategy? Wait a minute: the exit is still a long way off. When Bernanke speaks of low interest rates indefinitely into the future, he is supporting our long-held view that, for the USA at least, this recession is L-shaped, with a very long base. The US economy is on artificial life support: cheap funds, de facto government guarantees, printing money, nationalisation of the mortgage industry etc. |
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