August 22 NGDP Update: Forecast lifts higher

August 22 NGDP Update: Forecast lifts higher The NGDP forecast has hiked from under 3.8%, up to 3.9% in dramatic fashion through late July. Well maybe not so dramatic, and the change is not so big, it is at least a consistent movement. What’s more, the forecast has mostly held at this level for the past week. The tenth-of-a-point run up has been driven by US dollar weakness and the potentially linked increase in the copper and oil price forecast inputs. The increase in copper and oil is however more than that explainable by a first order forex response. Copper…

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