Every single US recession has begun
when the corporate sector financial
balance, an economy-wide measure of
free cash flow, was in deficit.
Today it is in surplus of 2% of
gross value added |
00:01 -
21/07/22 |
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FactSet:
Use of
the Bank Term Funding Program reached another new peak last
week. Read more on the Federal Reserve and a number of
banking updates in our latest tracker. |
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The squeeze is feeble: With the dollar weakening and
equities rallying, financial conditions have now loosened
all the way back to the spring of 2022 levels, when the Fed
had barely begun tightening |
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Robin
Brooks: Turkish Lira is a case study in devaluation. No one
wants to devalue. But if you have to, best to let it happen.
Markets will eventually realize that Lira is just too cheap,
like in 2018. The current stop-start pattern does the
opposite, Markets just expect more devaluation... |
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The US government interest payments on the Federal debt are
now higher than the annual defense spending |
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