This week, the oil shock continued to build, but financial markets still viewed it as insufficient to puncture the upswing in the global economy. Business survey indicators in America and Europe hit new peaks for the cycle, but China continued to lag. The ECB responded to the upswing by pre-announcing their intention to raise interest rates next month – the first of the major central banks to do so in the developed countries. But the Fed remained determinedly dovish. The extent of this continental drift between the big two central banks is quite unusual. Read more
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