By SIMON CONSTABLE
For much of the last year and a half, Wall Street sent a consistent message: recession was imminent. Financiers were certain, because the Federal Reserve had pledged to crush inflation by sharply raising interest rates, which typically triggers a rapid slowdown. Yet, unlike in the past, no recession arrived. Unemployment remains low, with millions of unfilled job openings, and the economy keeps growing. “It’s hard to apply normal economic analysis in the post-pandemic world,” says Win Thin, global head of currency strategy at New York-based Brown Brothers Harriman. Hard, yes, but not impossible. Read more here.
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