There have been very few newsworthy events in today’s session, and even the handful of scheduled speakers lined up had very little effect on FX markets. The only driver therefore has been the performance of global equity markets; and with both European and US indices in negative territory, the USD…
Global Markets: The Great Dissipation – One Year on from Lehman
One year has passed since Lehman Brothers folded, and the global economy has begun to recover. The decision by policy makers to met-out discretionary punishment to some financial firms and not others transformed a financial crisis into a global run on the bank, raising the cost of stabilizing both the…
Monthly Economic Outlook – September 2009
Forecasts for economic growth during the second half of this year and 2010 have been steadily ratcheted up as most of the monthly economic indicators have come in better than expected. We have raised our own estimate modestly. We now see real GDP rising at a 3.7 percent annual rate,…
Weekly Economic and Financial Commentary
The leading economic index increased 0.3 percent in October and has risen for the past seven months. This implies modest growth will continue into next year. Yet, two elements of the gain don’t quite look like the usual recovery. One, the pace of the improvement fell sharply from the one…
The Weekly Bottom Line
The fourth quarter has gotten off to a slow start for the economy. Industrial production for October fell by 0.1% from September while housing starts fell by 10.6% over the same period. Given the strong growth in the industrial sector in the third quarter, the level of production in October…