Newsletters
We Are Not Japan
March 2019
We Have Reached Cruising Altitude
February 2019
We Are Not Japan
Are we? Japan has been the opposite of an economic success story for the last 25 years. Japan’s debt to GDP level is 235%, its GDP growth rate has averaged below 1% for the last 20 years, and its inflation rate has been flat to negative for significant periods. The U.S. has struggled to produce a strong recovery from the last few economic downturns, even though fiscal and monetary stimulus has provided what should have been a significant tailwind. European GDP and debt cycles have begun to look more like Japan recently, and the United States is struggling with similar debt and growth issues.
DOWNLOADWe Have Reached Cruising Altitude
We certainly had a bumpy ride there at the end of our interest rate climb. It is time for the Fed to level off, take their hands off the controls, and turn the seat belt sign off. Let market participants move about the cabin and assess the current economic and market situation without any further input from the Federal Open Market Committee..
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