Monthly Economic Outlook

So it indeed has been. As this short quote from the Executive Summary of our 2009 Annual Outlook (published in December 2008) neatly summarized, the economic recovery faces a number of secular challenges that will alter the pace and composition of growth. For many decision-makers, the outlook for 2010 suggests…

International Financial Outlook November, 2009

Foreign exchange rate volatility remained fairly intense last month. Interest rates were calmer but here too tensions have increased, as financial markets give more thought to when some of the extraordinary loosening of monetary policy seen over the last year will start to be reversed. On the foreign currency front,…

Financial Markets Monthly – November 2009

The tide has turned for the global economy with U.S. real GDP posting a stronger-than-expected increase in the third quarter, the Reserve Bank of Australia (RBA) citing Australia’s good economic performance as a reason for raising the policy rate and China recording a breathtaking 8.9% increase in third-quarter output. Canada,…

What Is Gold Telling Us?

Gold prices have surged in recent months, which some observers claim is a clear warning that inflation will soon turn sharply higher as it did in the late 1970s. However, other forward-looking market-based inflation indicators do not support this hypothesis. Inflation indicators such as bond yields, consumer expectations and TIPS…