Where have the world’s consumers gone?

Low wage growth may morph from an inexplicable aspect of the current economic setting to a driving force behind a credit crunch and broad contraction of aggregate demand. 

Unvalidated PMIs

Contrary to popular belief, we do not hate Markit or its PMIs. We just do not trust them to inform us about what the economy is up to.

Growth is not a crime

Our bet is that the ECB will maintain accommodative monetary conditions into 2019 at least.