Mid-Year Review: The Three Big Events So Far in 2013

by Michael J. Howell8. July 2013 22:24
Believe or not, the big events of 2013 do not nclude either the influx or proposed ending of Fed QE3? We figure that three others are more critical. Together they explain the high current level and uneven distribution of global liquidity. See our research for more information: (1) the jump in US private sector cash flow generation, which is dollar and economy bullish; (2) huge Japan QE, which smashed the Yen, hurt EM economies, but will cause a Japanese economic turnaround, and (3) the decision by the PBoC in China to remain tight, which will cap Chinese growth and limit further large-scale capex.

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