We suspect that European policy makers will continue to make progress.
The corrosive result from timidity in policy making is now crystal clear to most of them. Their new determination however is naturally complicated by the fact there are 17.
In the US we had 13. Ben Franklin, when pondering the threats of King George III noted that the 13 had better, "..all hang together, or most assuredly we will all hang separately."
King George has been replaced by 21st century market tyrants but most of the EU get the point. This is why we could say in our Oct/9 sketch that we thought this time (Merkel / Sarkozy meeting) was different, that leaders were on to something and that we expected the market crowd to come to agree.
Stateside, let us look for releases next week to support our view that St forecasters have been caught with their pants down. Thus, the risk is that CPI will alarm. We expect Industrial Production to exceed estimates, along with the Philly Fed survey later in the week.
Robert Craven
The corrosive result from timidity in policy making is now crystal clear to most of them. Their new determination however is naturally complicated by the fact there are 17.
In the US we had 13. Ben Franklin, when pondering the threats of King George III noted that the 13 had better, "..all hang together, or most assuredly we will all hang separately."
King George has been replaced by 21st century market tyrants but most of the EU get the point. This is why we could say in our Oct/9 sketch that we thought this time (Merkel / Sarkozy meeting) was different, that leaders were on to something and that we expected the market crowd to come to agree.
Stateside, let us look for releases next week to support our view that St forecasters have been caught with their pants down. Thus, the risk is that CPI will alarm. We expect Industrial Production to exceed estimates, along with the Philly Fed survey later in the week.
Robert Craven
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