FYI: While global growth is undoubtedly slowing, financial markets have recovered most of their 2016 loses. This seems like a disconnect. However, the extraordinary accommodation being provided by central banks is, in aggregate, staving off the next recession and providing a favorable backdrop for the sub-trend recovery to continue. In fact, a recent pickup in growth in the U.S., firming energy prices, and stabilization in Chinese economic and financial data have eased near-term risks.
Regards,
Ted
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