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Fixing A Hole

- "Near-term leads to economic activity point to growth slowing from the near 3% pace of the first half. Forward looking indicators with a longer perspective such as credit conditions and corporate profitability do not suggest recovery is threatened. Nonetheless, the tailspin in financial markets has not been contained and signals that policymakers are prepared to reenergize stabilization efforts are mixed."
- "Plunging Treasury bond yields are a reminder that despite an extraordinary array of stabilization measures, including unprecedented monetary accommodation efforts, policy still has not completely overcome the threat of a deflationary downturn. If fiscal authorities were willing to tackle long-run programmatic imbalances in the budget, there would be more than ample scope for near-term measures to support recovery."
- "Despite another set of disappointing employment headlines, improvements in the labor market were on track heading into the latest financial market swoon. The decline in unemployment is especially encouraging as the private job component of the household survey is rising at twice the rate of its payroll counterpart."
Citigroup Comments on Credit 20100702

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