New boss, new thinking

The Week Ending Friday February 23rd 2018 A very quiet week in most markets as the futures driven US holiday weakness was replaced by much better markets later in the week – reflected by our NGDP Forecast. While equities and bonds were flat it was against the background of a USD recovering strongly up 2% on the week and at the same time 5yr Breakeven Inflation consolidating the prior week surge finishing back above 2% for the first time in four years. Signs of change in Fed thinking? The Minutes of the January FOMC meeting appeared early in the week…

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