- Debt has not yet been repaid.
- Physical property market not yet stabilised.
- Labour market not yet stabilised.
- Rate increases not needed as wages are subdued.
- Rate cuts not my central case but cannot be ruled out (hardening lending attitudes mean NBPS will not benefit).
- Further financial pressure should be expected.
Saturday, 30 August 2008
Recovery in the US is still distant
None of the preconditions for US recovery are in place
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