Thursday, August 19, 2010

Quote Of The Day

Julia Coronado, the US economist at BNP Paribas, writes today, my emphasis:

In light of recent developments we are revising our view of the magnitude and shape of the US economic recovery.

The inventory cycle has apparently had only a modest positive follow through impact on growth which now threatens to slow to the sluggish pace of final demand as the inventory cycle is largely played out. In this sense the recovery has not so much lost momentum, as it never really had solid underpinnings.

No wonder the red color on screens today ... with a still bullish hope, that never was a good investment strategy.

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