Global ‘real’ interest rates are too low |
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World growth is slowing… The global economy is slowing down. And some countries could have a recession – or two consecutive quarters of negative growth - including the UK. After world growth of 5% on average in the last four years, the fastest sustained period since the early 1970s, the rate of expansion is set to ease to 4% this year and to 3.5% in 2009. This growth slowdown would imply a need to lower nominal interest rates but action like that by the monetary authorities would be wrong, and
Filed under: Fundamental
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